X v Y [2018] WTLR 719
Summer 2018 #172The Trustee of a Cayman Islands trust (“the A Trust”) applied for Beddoe relief seeking directions permitting it to defend English proceedings, alleging misrepresentation and deceit, to which it had been joined as a defendant; and, in so doing, permitting it to borrow funds from another trust (“the C Trust”) to discharge the costs of defending the action, such costs to be ultimately reimbursed from the A Trust’s assets. An adverse judgement in the English proceedings in favour of the plaintiffs in the English proceedings (“Z”) would likely result in the complete loss of the A Trust’s onl...