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.

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Parliament Votes For EU-wide Trust Transparency

The EU Parliament has voted to introduce a trust registry as part of recent amendments to the Fourth Anti-Money Laundering Directive. It is striking the amendments are included in legislation directed at tackling money laundering. Until recently, AML initiatives have been about compelling financial intermediaries to hold information about their clients – the well known…

Beneficiary Secures Victory in Concealed Denial of Trust Claim

A beneficiary recently succeeded in a claim for breach of trust against his grandfather who, having declared that he held the beneficiary’s share as sub-trustee, continued to act as if he had retained the beneficial interest. The significance of the decision in Sheffield v Sheffield and others [2013] EWHC 3927 (Ch) is likely to be confined…

Jersey Revives Rule in Re Hastings Bass

An amendment to Jersey’s trust law came into force on Friday 25th October 2013 to incorporate what has become known as the rule in Hastings-Bass into statute. The rule, which has emerged from nearly 40 years of case law, has traditionally allowed trustees who have made a mistake as to their dispositive powers to apply…