Brian Williams v Sherborne Corporate Services Limited & Ors

Brian Williams v Sherborne Corporate Services Limited & Ors

The Public Trustee is entitled to vesting orders and declarations over all the disputed assets as trustee of the IXG Schemes. The Former Trustees' claims to retain the assets by way of lien, security, or assignment have been finally determined at nil by the Royal Court of Guernsey, creating an issue estoppel binding on this court. The Deeds of Assignment are, at most, by way of security, not absolute, and are voidable for self-dealing. The Former Trustees have no entitlement to retain the assets, and any further delay is unjustified.

Parties
Claimant: Brian Williams (in his capacity as the Public Trustee of the Bailiwick of Guernsey); Defendant: Sherborne Corporate Services Limited; Defendant: Kenilworth Consultants Inc; Defendant: Temple Pension and Investments Limited
Jurisdiction
England and Wales
Judgment Date
28 February 2025
Procedural Posture
Part 8 Claim for Vesting Orders (trustee Act 1925) / Final Disposal Hearing and Judgment
Outcome
Claim allowed. Vesting orders and declarations granted in favour of the Public Trustee over all disputed assets.
Legal Topics
Vesting Orders, Trustee Removal and Replacement, Trustee Indemnity and Liens, Self Dealing Rule, Issue Estoppel/res Judicata, Assignment of Trust Assets, Constructive Trusts
Trusts and Equity Private International Law Property Law Vesting Orders Trustee Removal and Replacement Trustee Indemnity and Liens Self Dealing Rule Issue Estoppel/res Judicata +2 more

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Parties

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

Claimant

Sherborne Corporate Services Limited

Defendant

Kenilworth Consultants Inc

Defendant

Temple Pension and Investments Limited

Defendant

Procedural Posture

Part 8 Claim for Vesting Orders (trustee Act 1925) / Final Disposal Hearing and Judgment

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 Former Trustees or their nominees are entitled to retain trust assets by way of lien, security, or assignment
  3. 3 Whether the Deeds of Assignment are valid, absolute, or by way of security only, and their effect

Ratio Decidendi

The Public Trustee is entitled to vesting orders and declarations over all the disputed assets as trustee of the IXG Schemes. The Former Trustees' claims to retain the assets by way of lien, security, or assignment have been finally determined at nil by the Royal Court of Guernsey, creating an issue estoppel binding on this court. The Deeds of Assignment are, at most, by way of security, not absolute, and are voidable for self-dealing. The Former Trustees have no entitlement to retain the assets, and any further delay is unjustified.

Court Disposition

Claim allowed. Vesting orders and declarations granted in favour of the Public Trustee over all disputed assets.

Orders

  • Immediate vesting orders and/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 deliver up all trust assets to the Public Trustee.