Williams v Sherborne Corporate Services Ltd & Ors [2025] EWHC 407 (Ch) (28 February 2025)

Williams v Sherborne Corporate Services Ltd & Ors [2025] EWHC 407 (Ch) (28 February 2025)

The Public Trustee is the current trustee of the IXG Schemes, the assets in question are trust assets, and the Former Trustees and their nominee have no entitlement to retain them by way of lien or security. The Deeds of Assignment were by way of security only, not absolute assignments. The Guernsey court's Unless Order determined the value of any claims or liabilities of the Former Trustees at nil due to non-compliance, extinguishing any right to indemnity or security. The IXG Schemes have not ceased to exist for lack of section 150 approval. The Public Trustee is entitled to vesting orders or declarations over all disputed assets.

Citation
[2025] EWHC 407 (Ch)
Parties
Claimant: Brian Williams (in his capacity as the Public Trustee of the Bailiwick of Guernsey); First Defendant: Sherborne Corporate Services Limited; Second Defendant: Kenilworth Consultants Inc; Third Defendant: Temple Pension and Investments Limited
Jurisdiction
England and Wales
Judgment Date
28 February 2025
Procedural Posture
Part 8 Claim (vesting Orders) / Final Disposal Hearing
Outcome
Claim allowed. Vesting orders and declarations granted in favour of the Public Trustee.
Legal Topics
Vesting Orders, Trustee Removal and Appointment, Trust Asset Recovery, Trustee Indemnity, Lien and Security Over Trust Assets, Self Dealing Rule, Guernsey Trust Law, Section 150 Approval (guernsey), Constructive Trusts, Res Judicata
Trusts and Estates Property Law Pensions Law Vesting Orders Trustee Removal and Appointment Trust Asset Recovery Trustee Indemnity Lien and Security Over Trust Assets +5 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 7 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Brian Williams (in his capacity as the Public Trustee of the Bailiwick of Guernsey)

Claimant

Sherborne Corporate Services Limited

First Defendant

Kenilworth Consultants Inc

Second Defendant

Temple Pension and Investments Limited

Third Defendant

Procedural Posture

Part 8 Claim (vesting Orders) / Final Disposal Hearing

Legal Issues

  1. 1 Whether the Public Trustee is entitled to vesting orders or declarations over the disputed assets as trustee of the IXG Schemes
  2. 2 Whether the Deeds of Assignment executed by the Former Trustees were absolute assignments or security only
  3. 3 Whether the Former Trustees or their nominees are entitled to retain trust assets by way of lien or security for alleged liabilities

Ratio Decidendi

The Public Trustee is the current trustee of the IXG Schemes, the assets in question are trust assets, and the Former Trustees and their nominee have no entitlement to retain them by way of lien or security. The Deeds of Assignment were by way of security only, not absolute assignments. The Guernsey court's Unless Order determined the value of any claims or liabilities of the Former Trustees at nil due to non-compliance, extinguishing any right to indemnity or security. The IXG Schemes have not ceased to exist for lack of section 150 approval. The Public Trustee is entitled to vesting orders or declarations over all disputed assets.

Court Disposition

Claim allowed. Vesting orders and declarations granted in favour of the Public Trustee.

Orders

  • Immediate vesting orders or declarations in favour of the Public Trustee in relation to all real property assets and all investment portfolio accounts, including those subject to the Deeds of Assignment.
  • Defendants to execute all necessary documents to effect transfer or vesting of assets.