Un-Tainting Protected Settlements – A Cure When Prevention Fails?
Important changes were made to the UK’s deemed domicile regime in 2017 which are now a significant area of risk for offshore trustees with UK resident settlors.
The Ties That Bind – Pugachev and what it means for Jersey
An analysis of the possible ramifications of the English High Court’s decision in Pugachev and its impact on Jersey trusts, approaches to ‘trust busting’ and the inherent risks in Jersey’s reservation of powers legislation.
Calling Time: English High Court Declares Limitation Period on Claims against Directors of Jersey Companies
Q: What is the limitation period for a claim for breach of duty against a director of a Jersey company? A: How many angels can dance on the head of a pin?
Bust Trusts – Court of Appeal Declares Principles of Trustee Liability
Guernsey’s Court of Appeal has declared, for the first time, the meaning and effect of the key provision in Jersey’s law concerning the liabilities of trustees to third parties to the trust in Investec Trust (Guernsey) Limited & Ors V Glenalla Properties Ltd & Ors. 41/2014 Background Facts The proceedings concerned the administration of the Tchenguiz…
Supreme Court Declares Constructive Trust Over Bribes & Secret Commissions
On 16th July 2014 the Supreme Court handed down its judgment in FHR European Ventures LLP and others v Cedar Capital Partners LLC [2014] UKSC 45. This decision settles a long-running argument in English law as to whether a principal has a proprietary or a merely personal claim against an agent who takes a bribe…
Jersey Royal Court Declares Limitation Period for Dishonest Assistance Claims
The Jersey Royal Court has finally laid to rest the long-standing debate concerning the jersey limitation period for claims in dishonest assistance. In the extremely lengthily decision (at 519 paragraph) of Nolan & Ors v Minerva Trust Company Limited and Ors [2014]JRC078A the Royal Court held that the relevant prescription period is 3 years from…
Royal Court asked to release whole discretionary trust from saisie judiciaire
The Royal Court has very recently clarified the principles to be applied as to whether assets of a discretionary trust fall to be considered as ‘realisable property’ of a person who is a discretionary beneficiary of such a trust. In Tantular v HM Attorney General [2014] JRC 128 the beneficiaries of a Jersey discretionary trust,…
UKSC Decision Curtails Limitation Period for Secondary Liability Claims – Williams v Central Bank of Nigeria [2014] UKSC 10
The UK Supreme Court has decided (in a somewhat long judgment which is worth reading to appreciate some of its subtleties) that the indefinite limitation period for actions under s 21(1)(a) Limitation Act 1980 in cases of “any fraud or fraudulent breach of trust to which the trustee was party or privy” does not apply…
Guernsey Court Opens Door to Personal Liability for Trustees
The recent Guernsey decision in Investec Trust (Guernsey) Ltd & Bayeux Trustees Ltd v Glenalla Properties Ltd (2014) has far reaching consequences for Channel Island trustees administering foreign law trusts or entering into transactions not governed by the same law as their trust. As a matter of English law, trustees are personally liable to the…
High Court Orders Disclosure of Offshore Trusts in Divorce Proceedings
The High Court in Tchenquiz-Imerman v Imerman [2013] EWHC 3627, has held that disclosure orders made against beneficiaries of discretionary Jersey trusts were justified, proportionate and necessary to support ancillary relief proceedings brought by their step mother against their father. This interesting case provides practitioners with an indication about the willingness of English Courts to…
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