A recent decision of the High Court clarified that where a beneficiary of a will predeceases the testator and the gift vests in the beneficiary’s children under s. 33 of the Wills Act 1837, those children take the gift subject to the same condition subsequent that would have bound the beneficiary. The ruling also confirmed … Read more
The Financial Action Task Force (FATF) published updated guidance in relation to the Risk Based Approach (RBA) for Trust and Company Service Providers (TCSPs) on 26 June 2019 (the Guidance). A copy of the Guidance can be found here. The Guidance has been developed to assist TCSPs professionals, practitioners with TCSPs as customers, and countries … Read more
The Charity Commission has frozen the bank accounts of, and opened separate statutory inquiries into, two grant-giving charities, established for general charitable purposes, with common trustees: The Jalloh Charitable Trust (charity no. 1145466) and The Deacons Charitable Trust (charity no. 1142038). Read more
The Supreme Court has held that the requirement to show “serious harm” under section 1(1) of the Defamation Act 2013 (the “2013 Act“) not only raises the threshold of harm which must be proved but also requires its application to be determined by reference to actual facts regarding the impact of the statement and not … Read more
Directors must be loyal to and to act in the best interests of the company of which they are directors. Whilst directors in a majority family owned business may "owe" moral duties to their family members which may conflict with their duties owed to the company, they must prioritise the interests of the company. The recent judgment, Northampton Borough Council v Cardoza and others [2019] EWHC 26 (Ch) [2019] All ER (D) 130 (Jan), is a timely reminder of these rules. Read more
On 22 May 2019, the Hong Kong Court of First Instance handed down a lengthy judgment in the high profile Madam Lo v HSBC Trustee case. As well as grabbing the headlines, the case raised novel points of law which the judge had to grapple with. The result was full vindication for the trustee. Read more
Inheritance tax has been abolished in Hong Kong since 2005. However, two recent decisions illustrate that tax liability may arise in the form of stamp duty, in certain circumstances, from the assent of the deceased’s real property to the deceased’s children. Read more
In Group Seven Limited & Ors v Notable Services LLP & Ors [2019] EWCA Civ 614, the English Court of Appeal held inter alia (overturning a first instance decision) that an accountant member of a multi-disciplinary firm of solicitors was liable as an accessory for dishonestly assisting breaches of trust. The appeal comprised multiple conjoined … Read more
