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Equity and trust

A farmerAlfred accepted a loan for £500000 from a local entrepreneur Mike ,to invest in the business, last month Alfred went into a heavy financial loss on the farm and is likely to go into insolvency and no likelihood of him implementing the farm project how can I advise Mike under the Equity and Trust law concept.
You need to decide whether there is any basis on which Alfred could hold the £500,000 loan on trust for Mike. The most obvious possibility is that the loan was held on a Quistclose trust so you need to see if that might apply on the facts.
Original post by Forum User
You need to decide whether there is any basis on which Alfred could hold the £500,000 loan on trust for Mike. The most obvious possibility is that the loan was held on a Quistclose trust so you need to see if that might apply on the facts.

Thanks for the hint

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