Introduction The Royal Court of Jersey has held in the case of Kea Investments Limited v Watson [1] that it is not possible for a judgment creditor to obtain execution against the interest of a discretionary beneficiary under a Jersey trust. Although a beneficiary’s interest is a species of movable property, it is not transmissible…
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.
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?
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…
The High Court has held in Rawstron and Anor v Freud [2014] EWHC 2577 (Ch) that a gift in the last will of the artist Lucian Freud took effect as an absolute gift to two named individuals in their personal capacities absolutely and was not given to them on trust under the will. However, the court heard…
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…
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,…
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…
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…
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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