Walbrook Trustees (Jersey) Ltd & Ors v Fattal & Ors

Walbrook Trustees (Jersey) Ltd & Ors v Fattal & Ors

The BSL Trust expressly requires trustees to act on the written instructions of each beneficiary in respect of their proportion of membership rights. There is no requirement for unanimity, and the court may order the appointment of new members to give effect to the trust's terms, even if this severs joint interests and creates separate trusts for each beneficiary's share.

Parties
Claimant: Walbrook Trustees (Jersey) Limited & Ors; Defendant: Fattal & Ors
Jurisdiction
England and Wales
Judgment Date
20 April 2010
Procedural Posture
Civil Appeal / Appeal From High Court (chancery Division)
Outcome
Appeal dismissed
Legal Topics
Execution of Trusts, Company Membership Rights, Trustee Powers, Beneficiary Rights, Interpretation of Trust Instruments
Trusts Company Law Execution of Trusts Company Membership Rights Trustee Powers Beneficiary Rights Interpretation of Trust Instruments

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Parties

Walbrook Trustees (Jersey) Limited & Ors

Claimant

Fattal & Ors

Defendant

Procedural Posture

Civil Appeal / Appeal From High Court (chancery Division)

Legal Issues

  1. 1 Whether the court should order the appointment of new members to BSL to reflect the interests of the four trusts under the BSL Trust
  2. 2 Whether unanimity of beneficiaries is required to alter the membership structure of BSL
  3. 3 Whether the BSL Trust requires trustees to act only with unanimous beneficiary consent

Ratio Decidendi

The BSL Trust expressly requires trustees to act on the written instructions of each beneficiary in respect of their proportion of membership rights. There is no requirement for unanimity, and the court may order the appointment of new members to give effect to the trust's terms, even if this severs joint interests and creates separate trusts for each beneficiary's share.

Court Disposition

Appeal dismissed

Orders

  • Order of Blackburne J upheld; trustees to procure admission of two new members to BSL as nominees for the Sofaer and Sharet Trusts, and to divide membership rights accordingly.