Continue reading "Trusts: Distinguishing characteristics"
Helmsman Ltd & anr v Bank of New York Trust Co (Cayman) Ltd [2009] CILR 490
Wills & Trusts Law Reports | January/February 2013 #126The defendant Bank of New York Trust Co (Cayman) Ltd (BNY Cayman) was sole trustee of the Beverley and Howden Settlements from June 1999 until February 2005 and trustee of the London Settlement from March 2000 until November 2002. The first plaintiff, Helmsman Ltd (H(1)), is a Bermudian company and now the sole trustee of the Beverley and Howden Settlements. The second plaintiff, the Hotham Trustee Co Ltd (H(2)), is an English company and the sole trustee of the London Settlement. The Beverley and Howden Settlements (the UK settlements) provide that the proper law of the settlement is th...
Vimercati v BV Trustco Ltd & ors [2012] EWHC 1410 (Ch)
Wills & Trusts Law Reports | January/February 2013 #126The claimant, Ambra (A), who had been a beneficiary under the MBV Trust, disputed the price obtained by BV Securities for its 20% shareholding in Air Italy in view of certain subsequent transactions involving Meridiana and Air Italy Holdings, a company in which the third defendant and protector of the trust (G) had an interest through his investment holding company. A also threatened breach of trust proceedings against the trustees. G and the fourth and fifth defendants, his wife and son, remained beneficiaries under the trust but A’s interest had been severed under a deed of appoi...
Re D 576 of 2005
Wills & Trusts Law Reports | December 2012 #125Mrs D had lost her mental capacity and a committee of guardians was appointed by the court to look after her financial affairs including her interest as primary beneficiary of a Cayman Islands family trust. Before she lost capacity Mrs D entered into a settlement agreement (the peace accord) with her family, settling many years of litigation in the Cayman Islands. Two of the committee of guardians (the other members of the committee were conflicted by reason of their own interest in the settlement agreement) applied to the Grand Court under the Mental Health Law (1997 Revision) ...
Trusts: Can we trust trusts?
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Trusts: Offshore assets and the divorce pot
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BJ v MJ [2011] EWHC 2708 (Fam)
Wills & Trusts Law Reports | April 2012 #118The husband (H) and the wife (W) were both 65, having married in 1980. There was one child of the marriage (C), aged 25. The former matrimonial home was Green Farm, a substantial property set in 72 acres in Kent. Trust assets fell to be divided following divorce.
In order to mitigate tax on the floatation of his company (ABC), two Jersey trusts were created by H in 1994 (No. 1 Trust and No. 2 Trust) and a company incorporated in the British Virgin Island called Giloch Investments Ltd (Giloch). No. 1 Trust was a discrertionary trust for a class of beneficiaries comprising H, W, C, ...
Wright & anr v Gater & anr [2011] EWHC 2881 (Ch)
Wills & Trusts Law Reports | April 2012 #118Edward Greenstreet died intestate on 28 October 2009 and his estate of £514,600 passed to his son, Kieran. Kieran died intestate on 17 May 2010. Kieran’s estate of £6,000, combined with the estate of Edward, passed to Kieran’s three year old son, Rory Greenstreet. The aggregated estates were held on statutory trusts for Rory contingently on his attaining 18 or marrying or forming a civil partnership under that age.
Kieran’s personal representatives were Ellen Wright (Kieran’s partner and Rory’s mother) and Michael Greenstreet (Kieran’s uncle). ...
Trusts: Silence is golden
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Trusts: ‘Puppet masters’ beware
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