Can a Royal Court blessing be given to a momentous decision by directors of an underlying company to a trust?
The trustee of a Jersey discretionary trust sought under article 51 of the Trusts (Jersey) Law 1984 for the court’s blessing for its ‘momentous decision’ to procure the sale of trust property, comprising minority interests in seven companies holding commercial land in Germany. The trust’s interest was held through a company (I Ltd) that was wholly owned by the trust, so that the decision to sell was that of the directors of the company.
The trustee had become aware that one of the beneficiaries of the trust had been convicted in the English courts of a VAT fraud. The trustee was the subject of a ‘no consent’ letter from the Jersey Financial Crimes Unit. The underlying companies considered that they would have difficulty in re-financing, which was shortly to become necessary, given the ultimate beneficial interest of a convicted criminal. The trustee sought the court’s blessing for a decision to sell its minority holding in the underlying companies for €1,368,946 (£1.1m), or a figure within 10 per cent of that…
Click on the link below to read the rest of the Ogier briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Ogier
News from The Lawyer
Briefings from Ogier
The BVI has published the Securities and Investment Business (Incubator and Approved Funds) Regulation. These Regulations introduce two new funds products into the BVI’s funds offering,
The British Virgin Islands Financial Services Commission has introduced two new funds products, the ‘Incubator Fund’ and the ‘Approved Fund’.