JSC Mezhdunarodniy Promyshlenniy Bank & anr v Pugachev & ors [2014] EWHC 3547 (Ch)

March 2015 #147

This concerned an application by the trustees of five discretionary trusts of which the defendant was a discretionary object. The defendant was the founder of the first claimant, a Russian bank (the bank). The bank had subsequently gone into administration and the second claimant, a Russian state organisation (the DIA), had been appointed as its liquidator. The DIA sought to enforce various claims against the defendant in Russian and English proceedings. The sums involved were in the order of $2.2bn.

At a hearing before Henderson J on 11 July 2014 a freezing order was made agains...

Williams v Seals & ors [2014] EWHC 3708 (Ch)

March 2015 #147

The deceased, Mr Seals, (D) committed suicide on 10 December 2013. He was depressed following his wife’s death from cancer in August 2010. However, the mental health team who saw him in September and November 2012 did not identify any major disordering mental illness. After his wife’s death D renewed a childhood friendship with the applicant Mrs Williams (B) and letters he wrote to her suggested a considerable degree of emotional dependence upon her. On 12 May 2011 he made a will using B’s solicitors and appointed her his executrix. He left her all his property and assets. At the same ti...

Setchim & anr v Secretary of State for Foreign & Commonwealth Affairs & Ors [2014] EWHC 2218 (Ch)

November 2014 #144

The Commonwealth Institute (CIC) (a charitable company limited by guarantee) was placed in members’ voluntary winding-up on 19 July 2007. The CIC had a complex history which dated back to 1887. In the 1950s HM Government (HMG) proposed that the predecessors to the CIC trustees should surrender their lease of their premises in South Kensington (the Kensington building) and move to a new premises at Holland Park. The predecessors of CIC were in receipt of rent and benefited from free utilities (the associated entitlements) under the terms of a sub-lease of the Kensington building. Th...

JP Gilchrist Trust v HMRC Case number: FTC/89/2012

September 2014 #142

Mr Gilchrist settled property on trust on 17 May 1993. Under the terms of the trust, he was entitled to a life interest in the trust property. On 4 June 1993, the trustees exercised an overriding power of appointment to appoint 20% of the fund (the appointed fund) out of the main fund, on discretionary trust for the benefit of members of Mr Gilchrist’s family. Mr Gilchrist and his spouse were excluded from any benefit in the discretionary trust. Mr Gilchrist then gifted £44,000 to the trustees. The trustees used the funds to contribute to Whitecroft Limited, in which the trust held...