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Zorin Sachak Khan Et Al -v- Gany Holdings (Ptc) Sa Claim No. BVIHCMAP 2014/0018

March 2016 Trusts Discretionary Trusts Breach of Trust

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

COMMERCIAL APPEAL - WHETHER TRIAL JUDGE MADE INCORRECT FACTUAL FINDINGS - DISCRETIONARY TRUST - RESPONSIBILITIES OF TRUSTEES - DUTY OF DISCLOSURE TO BENEFICIARIES - ACCOUNT OF TRUST ASSETS BY TRUSTEE - BURDEN OF PROOF - BREACH OF TRUST - PERSONAL LIABILITY TO ACCOUNT - KNOWING RECEIPT

A discretionary trust called the ZVM Trust (the “Trust”) was created by a wealthy businessman, in favour of, among others, his daughter, two individuals, and his son. The Trustee of the Trust at the material time was a company, whose director included one of the beneficiaries, (i.e. the son). Following the death of the businessman, several beneficiaries sought to have the Trustee of the Trust account for the assets, as they were convinced that the Trust had very substantial assets and were transferred to the son in breach of the terms of the Trust. The Trustee’s refusal to account resulted in these beneficiaries seeking orders that: (1) the Trustee be held accountable for the assets of Trust; (2) the Trustee be removed and (3) its director (the son) be held liable to account as a Constructive Trustee on the basis of knowing receipt.

 

To continue reading full articles in PDF format:
Zorin Sachak Khan Et Al -v- Gany Holdings (Ptc) Sa Claim No. BVIHCMAP 2014/0018

 

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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

Zorin Sachak Khan Et Al -v- Gany Holdings (Ptc) Sa Claim No. BVIHCMAP 2014/0018

03 March 2016

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

COMMERCIAL APPEAL - WHETHER TRIAL JUDGE MADE INCORRECT FACTUAL FINDINGS - DISCRETIONARY TRUST - RESPONSIBILITIES OF TRUSTEES - DUTY OF DISCLOSURE TO BENEFICIARIES - ACCOUNT OF TRUST ASSETS BY TRUSTEE - BURDEN OF PROOF - BREACH OF TRUST - PERSONAL LIABILITY TO ACCOUNT - KNOWING RECEIPT

A discretionary trust called the ZVM Trust (the “Trust”) was created by a wealthy businessman, in favour of, among others, his daughter, two individuals, and his son. The Trustee of the Trust at the material time was a company, whose director included one of the beneficiaries, (i.e. the son). Following the death of the businessman, several beneficiaries sought to have the Trustee of the Trust account for the assets, as they were convinced that the Trust had very substantial assets and were transferred to the son in breach of the terms of the Trust. The Trustee’s refusal to account resulted in these beneficiaries seeking orders that: (1) the Trustee be held accountable for the assets of Trust; (2) the Trustee be removed and (3) its director (the son) be held liable to account as a Constructive Trustee on the basis of knowing receipt.

 

To continue reading full articles in PDF format:
Zorin Sachak Khan Et Al -v- Gany Holdings (Ptc) Sa Claim No. BVIHCMAP 2014/0018

 

 

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