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Should the trustee of an offshore trust involve itself in proceedings concerning the trust that take place onshore? The received wisdom is that an offshore trustee should be slow to do so and it has long been the position of the Jersey Court that, on questions of validity of a Jersey trust, it is unlikely … Read more
In the seventh episode of our Private Wealth and Charities podcast series, Richard Norridge, and Julia Bihary discuss the results of our Trust Companies Survey. As our countdown of the most significant risks continues, we now explore the potential of reputational risk for clients being associated with structures in offshore jurisdictions. Read more
Earlier today, the Hong Kong Court of Final Appeal handed down judgment in Zhang Hong Li v DBS Bank and others a case which has been the cause of considerable discussion in the private wealth and trusts world. The Court of Final Appeal reversed the Court of Appeal’s findings and ruled that the anti-Bartlett clause … Read more
The Supreme Court of Bermuda has recently given judgment in a case concerning the actions of invalidly appointed trustees (C Trust [2019] SC (Bda) 44 Civ (22 July 2019)). Read more
The Grand Court of the Cayman Islands recently confirmed In the Matter of the O Trust (23 February 2018) that the legal test for establishing mental capacity for the exercise of an impugned legal power, in this case a reserved power under a discretionary trust deed, is the same as for the making of a … Read more
We have previously reported on two provisions of the Trusts (Jersey) Law 1984, Articles 47H and 47G, which had been introduced following the UK Supreme Court’s judgment in Pitt v Holt [2013] UKSC 26 (see our previous post here). That judgment overturned years of common law case law as to what had been thought to … Read more
The Guernsey Royal Court recently ordered, under s. 69(1)(a)(iv) of the Trusts (Guernsey) Law 2007 (the “Act“), that a transfer of shares into Guernsey trusts be set aside on grounds of mistake. This was despite the fact that the transfer had been made for the sole reason of reducing tax liability. We consider the case, … Read more
Summary The recent case of A Limited FURBS decided in the Guernsey Royal Court provides helpful clarification on the question often faced by offshore trustees about whether to submit to the jurisdiction of a foreign court in overseas legal proceedings. This was the first Guernsey case to consider this issue, prior to which it was … Read more
In the case of X (as Trustee of the A Trust) v Y (beneficiary of the A Trust)[1], the court reiterated the importance for Trustees of seeking Beddoe relief before commencing or defending an action. Obtaining Beddoe relief ensures that Trustees are more likely to be indemnified against any adverse costs consequences than without such … Read more
