wcl v asic and pn, page-3

"To rely on a clause which, in effect, provides a hypothetical proposition that the responsible entity holds the property absolutely and the beneficial interest to that property, we say, does not speak to and cannot speak to the relationship between a trustee and its beneficiary."

would that make it a 'illusory trust'? ie not acting as a trust?.....recent NZ case.

Mr Halley has my vote.