On 7 January 2020, the Securities and Futures Commission (SFC) issued two circulars to clarify aspects of the licensing obligations applicable to private equity (PE) firms and family offices which conduct business in Hong Kong. The circulars have been issued in response to enquiries from industry participants and their professional advisers. An overview of the … Read more
Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more
Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more
Summary Trustees often seek to limit their liability in the form of exoneration clauses in trust deeds. As such, it is generally difficult for a beneficiary to challenge a trustee’s decision that falls within the scope of the exoneration clause. In Sofer v SwissIndependent Trustees SA [2019] EWHC 2071 (Ch), the England and Wales High … 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
Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more
Background In Chan Chi Wai v Chan Sau Wah [2019] HKCFI 1662 an application was made to vary a costs order nisi granted by the Hong Kong High Court regarding a dispute between five brothers over the legal and beneficial ownership of two houses in the New Territories (Original Proceedings). The applicants were two of … Read more
Next friends act on behalf of parties in legal proceedings who are not able to act themselves (for example, because of mental incapacity). In two recent decisions, the courts took the opportunity to reiterate the legal principles relating to the appointment and authority of a next friend and to make clear the capacity of a … Read more
Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey a number of Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the updates are … Read more
