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Appleby Corporate Services (BVI) Limited -v- Citco Trustees (BVI) Limited Claim No. BVIHC (Com) 156 of 2011

January 2014 Trusts

BRITISH VIRGIN ISLANDS

HIGH COURT

BVI DISCRETIONARY TRUST - SOLE ASSET ENTIRE ISSUED SHARE CAPITAL OF INVESTMENT COMPANY - MANAGEMENT OF INVESTMENTS DELEGATED TO PROFESSIONAL MANAGERS - ALMOST ENTIRE VALUE OF TRUST FUND LOST - DUTIES OF TRUSTEE - WHETHER TRUSTEE UNDER A DUTY TO REVIEW - PERFORMANCE OF MANAGERS - APPROACH TO THE ASSESSMENT OF EQUITABLE COMPENSATION - COURT’S POWER TO AWARD INTEREST IN EQUITY

In this case the current trustee of a BVI discretionary trust, Appleby Corporate Service (BVI) Limited (“Appleby”) sought an Order requiring the former trustee, Citco Trustees (BVI) Limited (“Citco”) to reconstitute the trust fund by compensating the trust for losses, which it claims were suffered by the trust as a result of the negligence of Citco. The sole asset of the trust was the entire issued share capital of an investment company. The investments were delegated to professional managers who disregarded contractual investment guidelines with a resultant loss of almost the entire value of the trust fund.

 

To continue reading full articles in PDF format:
Appleby Corporate Services (BVI) Limited -v- Citco Trustees (BVI) Limited Claim No. BVIHC (Com) 156 of 2011

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Appleby Corporate Services (BVI) Limited -v- Citco Trustees (BVI) Limited Claim No. BVIHC (Com) 156 of 2011

18 January 2014

BRITISH VIRGIN ISLANDS

HIGH COURT

BVI DISCRETIONARY TRUST - SOLE ASSET ENTIRE ISSUED SHARE CAPITAL OF INVESTMENT COMPANY - MANAGEMENT OF INVESTMENTS DELEGATED TO PROFESSIONAL MANAGERS - ALMOST ENTIRE VALUE OF TRUST FUND LOST - DUTIES OF TRUSTEE - WHETHER TRUSTEE UNDER A DUTY TO REVIEW - PERFORMANCE OF MANAGERS - APPROACH TO THE ASSESSMENT OF EQUITABLE COMPENSATION - COURT’S POWER TO AWARD INTEREST IN EQUITY

In this case the current trustee of a BVI discretionary trust, Appleby Corporate Service (BVI) Limited (“Appleby”) sought an Order requiring the former trustee, Citco Trustees (BVI) Limited (“Citco”) to reconstitute the trust fund by compensating the trust for losses, which it claims were suffered by the trust as a result of the negligence of Citco. The sole asset of the trust was the entire issued share capital of an investment company. The investments were delegated to professional managers who disregarded contractual investment guidelines with a resultant loss of almost the entire value of the trust fund.

 

To continue reading full articles in PDF format:
Appleby Corporate Services (BVI) Limited -v- Citco Trustees (BVI) Limited Claim No. BVIHC (Com) 156 of 2011

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com