Joinder of adult beneficiaries to matrimonial proceedings affecting trusts — Tchenguiz-Immerman v Immerman
In this case, the English Family Division provided some helpful guidance on its approach to adult beneficiaries of offshore trusts being joined as parties to matrimonial proceedings.
The case involved an application by three adult beneficiaries to be joined as parties to financial remedy proceedings, despite having previously supported the decision of the four Trust Companies not to participate in those proceedings. The question before the court was whether the beneficiaries were bound by the orders of the Royal Court of Jersey and East Caribbean Supreme Court sanctioning the trustees’ decisions.
In the course of contested financial remedy proceedings between a husband and wife, the wife applied for a variation, as postnuptial settlements, of a number of offshore trusts located in Jersey and the British Virgin Islands with a value of around £130m…
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The Royal Court of Jersey has concluded that it has power under its inherent jurisdiction to sanction a compromised settlement of litigation reached by the plaintiff on behalf of a minor.
A private trust company is a privately owned corporate trustee whose sole purpose is to act as trustee to a trust or group of ‘connected’ trusts.