Rawlinson & Hunter Trustees SA v Chiddicks & ors [2022] WTLR 1475
Winter 2022 #189The late claimant was the settlor of eight family trusts of which Equity Trust (Jersey) Ltd was the original trustee. Two of the trusts, ZII and ZIII, both Jersey discretionary trusts, were relevant to the proceedings.
In 2006, Equity Trust retired as trustee and was replaced by Volaw Trustees Ltd. Equity Trust had the benefit of an indemnity. In 2008, a property crash led to the trusts becoming insolvent. In 2012, a company owned by ZII and in compulsory liquidation issued proceedings against its director and Equity Trust, which notified Volaw of its intention to rely on the inde...
Investec & anr v Glenalla & ors [2017] WTLR 205
March 2017 #167The plaintiffs were the former trustees of the Tchenguiz Discretionary Trust (the ‘trust’), which had been established in Jersey by Declaration of Trust dated 26 March 2007 for the benefit of a class of beneficiaries comprising Robert Tchenguiz and his children a remoter issue. The Trust was funded initially by an appointment from the Tchenguiz Family Trust which had previously been established in the British Virgin Islands. Subsequently, the trustee of this trust entered into a loan agreement for borrowing of monies from Kaupthing Bank (the ‘bank’) and then made an appointment of assets...