UK Gov't Urges Approval Of £600M Charity Fund Debt Transfer

By Joanne Faulkner (December 20, 2021, 5:34 PM GMT) -- Lawyers for the government urged a London judge Monday to sanction a scheme to allow £600 million ($793 million) that has sat dormant in a charitable fund since 1928 be put towards paying off Britain's national debt.

The High Court is being asked to decide whether to transfer the trust, known as the National Fund, to the National Debt Commissioners — part of the Treasury — or establish an alternative scheme for other charitable purposes.

William Henderson, counsel for the government, said its scheme proposal — known as a Cy-près scheme — provides for the immediate payment and transfer of the...

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