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Royal Fiduciary Group Limited Claim No. BVIHC (COM) 112 of 2013 (November 2013)

November 2013 Trusts

BRITISH VIRGIN ISLANDS

HIGH COURT

TRUSTS - DISCRETIONARY TRUST - NO EXPRESS POWER IN TRUSTEE TO VARY IDENTITY OF BENEFICIARIES OR TERMS OF SETTLEMENT - WHETHER POWER OF APPOINTMENT AVAILABLE TO EXCLUDE BENEFICIARY AND VARY TERMS OF SETTLEMENT

This case concerned an application by the trustee of a discretionary trust (the “Trust”) for a declaration that it had the power under the deed of settlement to permanently exclude the settlor from benefitting under the Trust. The settlor, along with his children and remoter issue, were beneficiaries of the Trust and there was no express power under the Trust to vary the identity of the beneficiaries or the terms of settlement. A worldwide freezing order had been previously made in England against the settlor and included assets of the Trust and the trustee by its application sought to ensure that the Trust asset would not be available to settle the obligations of the settlor.

 

To continue reading full articles in PDF format:
Royal Fiduciary Group Limited Claim No. BVIHC (COM) 112 of 2013 (November 2013)

 

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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

Royal Fiduciary Group Limited Claim No. BVIHC (COM) 112 of 2013 (November 2013)

18 November 2013

BRITISH VIRGIN ISLANDS

HIGH COURT

TRUSTS - DISCRETIONARY TRUST - NO EXPRESS POWER IN TRUSTEE TO VARY IDENTITY OF BENEFICIARIES OR TERMS OF SETTLEMENT - WHETHER POWER OF APPOINTMENT AVAILABLE TO EXCLUDE BENEFICIARY AND VARY TERMS OF SETTLEMENT

This case concerned an application by the trustee of a discretionary trust (the “Trust”) for a declaration that it had the power under the deed of settlement to permanently exclude the settlor from benefitting under the Trust. The settlor, along with his children and remoter issue, were beneficiaries of the Trust and there was no express power under the Trust to vary the identity of the beneficiaries or the terms of settlement. A worldwide freezing order had been previously made in England against the settlor and included assets of the Trust and the trustee by its application sought to ensure that the Trust asset would not be available to settle the obligations of the settlor.

 

To continue reading full articles in PDF format:
Royal Fiduciary Group Limited Claim No. BVIHC (COM) 112 of 2013 (November 2013)

 

 

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