Sorry I should have added that this Property unit trust is owned by two couples and the other couple have been contacting our agent (of whom we pay all agency mgt fees personally ourselves) and demanding how the agency is to manage the property.  We hired the agent so that we did not have to deal with the other couple as much anymore as the partnership has broken down. The other couple said that they didnt mind if we went ahead and got an agent, but now are seeming to 'force' their rules.

Thanks TerryW,

Yes my husband and I are trying to resolve this as best as we can, and yes ownership is 50-50. There is a statement in the trust:

Unit holders not liable to indemnify trustee:

"No unit holder shall be under obligation to indemnify the Trustee or any creditor against any liability or obligation incurred by the Trustee in the exercise of its duties, rights and powers under this Trust or arising therefrom or in the course of carrying on any business pursant to these trusts or for any deficiency in the Trust Fund."

Would this statement provide some protection of us if sued or if the other party seeks compensation, who are also unit holders?

Could an option be to buy out units from each other (at market rate)? This would be subject to CGT, stamp duty, etc, I am assuming though.

When you mention have a company as the Trustee, do you mean an external independent party ? Is it too late to get this setup? By having that structure could we opt out sell our share to this company, if the other couple do not want to purchase any more units? Or is it that the company has no investment in the trust but just oversees the running of the Trust?
Cheers