U.K. – BAILLI Beneficial Ownership Shares

U.K. – BAILLI Beneficial Ownership Shares

On 14 June 2021, UK BAILLI issued judgment in Pleshakov v Sky Stream.

  • UK BAILLI issued Privy Council judgment in Pleshakov v Sky Stream [2021] UKPC 15.
  • Case concerned with questions of trust law regarding beneficial ownership of shares.
  • Appeal from decision of Court of Appeal which allowed an appeal against the decision of Bannister J who found that Mr Pleshakov was the beneficial owner of shares which were registered 50% in the name of Mr Linkov and 50% in name of Ms Kazantseva.


  • Mr Pleshakov submitted that the Court of Appeal was wrong to overturn the decision of the judge and to dismiss Mr Pleshakov’s case as to beneficial ownership of the shares.
  • PC disagreed with Court of Appeal finding that the judge made any fundamental error.
  • Found that the appeal should be allowed and the orders made by the judge restored.
  • PC also explained approach in determining beneficial ownership of company shares.


  • The creation of an express trust, whether a bare trust or otherwise, does not require any form of contractual agreement between the settlor and the beneficiaries.
  • Trusts can be created by the unilateral act of the settlor without any involvement on the part of the beneficiaries; requires 3 certainties (intention, subject matter, object).
  • Establishing certainty of intention does not require a written trust instrument nor any formal language but whether sufficient intention to create a trust has been manifested.