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In JSC Mezhdunarodniy Promyshlenniy Bank and Another v Sergei Viktorovich Pugachev and Others [2014] EWHC 3547 (Ch), the English High Court upheld a disclosure order against one of the beneficiaries of discretionary trusts (granted as part of a worldwide freezing order against him) in order to identify the true extent of his control of the … Read more
The Court of Appeal (“CA“) dismissed Chinachem Charitable Foundation Limited’s (the “Foundation”) appeal on 11 April 2014 and held that Nina Wang had given her estate of about HK$82.86 billion to it as a trustee holding it on charitable trust and not as an absolute gift (see previous blog post for details). The Foundation subsequently … Read more
In Cheung Hon Hung v Siu Wai Chun, the personal relationship between the plaintiff and the defendant had broken down, and they were in dispute over a property (the “Property”) in which they cohabited. The plaintiff claimed that he made payments in relation to the Property and has thus obtained some beneficial interest in it. … Read more
In Leung Chung Ching Edwin and Wong Fung San Hanny v The Estate of Leung On Mei Amy, deceased, the Court of First Instance held that the parents of the deceased, who died intestate, were the beneficial owners of a property which they had bought in the deceased’s name. The property was, therefore, held on … Read more
The English Inheritance and Trustees’ Powers Act 2014 received Royal Assent on 24 May 2014 and is expected to come into force on 1 October 2014. The changes brought in by this Act may affect anyone with immovable assets (i.e. real estate) in England and Wales. As a general rule, the law of the place … Read more
The making of costs orders against a witness (who was not a party to the proceedings) was considered by the Hong Kong Court in To Pui Kui, the Administratrix of the Estate of Ng Po Sum, Deceased v Ng Oi Che and Others. Such orders are rare, one reason being that witnesses should be able … Read more
The case of Poon Lok Otto v Kan Lai Kwan Kay and HSBC International Trustee Ltd. arose out of the high-profile divorce of a wealthy couple and the ramifications for the family business, Analogue Group, an increasingly common occurrence in Hong Kong and further afield. The Court of Final Appeal (“CFA”) judgment found overwhelmingly in … Read more
Some, if not quite born trustees, are appointed as such at the outset of a trust. Some achieve trusteeship at some later stage. And some have some aspects of trusteeship thrust upon them. Within this third category are strangers to a trust who “dishonestly assist” an express trustee in a breach of the trustee’s fiduciary … Read more
In Jasmine Trustees Ltd v Wells & Hind (A Firm) [2007] EWHC 38, the High Court of England and Wales interpreted “individuals” in Section 37(1)(c) of the Trustee Act 1925 (“TA 1925“) as meaning natural persons and not corporations. Accordingly, the appointment of an investment bank as one of the replacement trustees was ineffective in … Read more
