DR v GR & Ors (Financial Remedy: Variation of Overseas Trust) (Rev 1)

DR v GR & Ors (Financial Remedy: Variation of Overseas Trust) (Rev 1)

The entire trust and company structure constitutes a variable post-nuptial settlement, empowering the court to deal directly with trust assets. Joinder of trustees and companies is not required for validity. The applicant's needs are met by a combination of liquidated assets and a secured payment from the trust, balancing interests of other beneficiaries and ensuring fairness.

Parties
Applicant: DR; 1st Respondent: GR; 2nd Respondent: A. B. C Trust Company (Jersey) Ltd; 3rd Respondent: Oakleaf Ltd; 4th Respondent: Deerpark Enterprise Centre Ltd; 5th Respondent: Summer Ltd; 6th Respondent: Summer International Ltd
Jurisdiction
England and Wales
Judgment Date
10 May 2013
Procedural Posture
Financial Remedy Application (variation of Settlement) / Judgment
Outcome
Variation of settlement granted; companies dis-joined; clean break order subject to payment.
Legal Topics
Variation of Post Nuptial Settlement, Trusts, Joinder of Parties, Division of Matrimonial Property, Needs Assessment, Clean Break Orders
Family Law Variation of Post Nuptial Settlement Trusts Joinder of Parties Division of Matrimonial Property Needs Assessment Clean Break Orders

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Parties

DR

Applicant

GR

1st Respondent

A. B. C Trust Company (Jersey) Ltd

2nd Respondent

Oakleaf Ltd

3rd Respondent

Deerpark Enterprise Centre Ltd

4th Respondent

Summer Ltd

5th Respondent

Summer International Ltd

6th Respondent

Procedural Posture

Financial Remedy Application (variation of Settlement) / Judgment

Legal Issues

  1. 1 Whether the court can vary a post-nuptial settlement involving overseas trusts and interposed companies under s24(1)(c) Matrimonial Causes Act 1973
  2. 2 Whether joinder of trustees and underlying companies is necessary for validity of variation order
  3. 3 How to balance interests of other beneficiaries in trust assets

Ratio Decidendi

The entire trust and company structure constitutes a variable post-nuptial settlement, empowering the court to deal directly with trust assets. Joinder of trustees and companies is not required for validity. The applicant's needs are met by a combination of liquidated assets and a secured payment from the trust, balancing interests of other beneficiaries and ensuring fairness.

Court Disposition

Variation of settlement granted; companies dis-joined; clean break order subject to payment.

Orders

  • Matrimonial home to be sold; wife to receive £650,000 from proceeds.
  • Red land and field number 5777 transferred to husband's sole name.