GB Trustees Limited v Dick Stock & Others [2019] JRC 115A (21 June 2019)

GB Trustees Limited v Dick Stock & Others [2019] JRC 115A (21 June 2019)

On the balance of probabilities, the shares in Lilianfeld Holdings Limited and the St Petersburg Apartment are assets of the Russian Trust, funded by the Trust, and not held by the Trustee for Tanya or any other person outside the terms of the Trust. Tanya did not fund the purchase from her own assets, and her evidence was inconsistent and unreliable. The Trust is the beneficial owner.

Citation
[2019] JRC 115A
Parties
Trustee: GB Trustees Limited; Primary Beneficiary / Applicant: Tanya Marya Dick Stock; Primary Beneficiary / Respondent: John William Dick II; Economic Settlor / Respondent: John William Dick; Beneficiaries: Minor and unborn beneficiaries (represented by Advocate Howard Sharp QC)
Jurisdiction
Jersey
Judgment Date
21 June 2019
Procedural Posture
Representation (trust Law) / Final Judgment After Trial
Outcome
Application dismissed. Declaration made that Lilianfeld Holdings Limited and the St Petersburg Apartment are assets of the Russian Trust.
Legal Topics
Beneficial Ownership of Trust Assets, Construction of Trust Instruments, Credibility of Evidence, Jurisdiction of Court in Trust Matters
Trust Law Equity Beneficial Ownership of Trust Assets Construction of Trust Instruments Credibility of Evidence Jurisdiction of Court in Trust Matters

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Parties

GB Trustees Limited

Trustee

Tanya Marya Dick Stock

Primary Beneficiary / Applicant

John William Dick II

Primary Beneficiary / Respondent

John William Dick

Economic Settlor / Respondent

Minor and unborn beneficiaries (represented by Advocate Howard Sharp QC)

Beneficiaries

Procedural Posture

Representation (trust Law) / Final Judgment After Trial

Legal Issues

  1. 1 Whether the shares in Lilianfeld Holdings Limited are held by the Trustee on the terms of the Russian Trust or on trust for Tanya or another person
  2. 2 Whether the St Petersburg Apartment is an asset of the Trust or beneficially owned by Tanya

Ratio Decidendi

On the balance of probabilities, the shares in Lilianfeld Holdings Limited and the St Petersburg Apartment are assets of the Russian Trust, funded by the Trust, and not held by the Trustee for Tanya or any other person outside the terms of the Trust. Tanya did not fund the purchase from her own assets, and her evidence was inconsistent and unreliable. The Trust is the beneficial owner.

Court Disposition

Application dismissed. Declaration made that Lilianfeld Holdings Limited and the St Petersburg Apartment are assets of the Russian Trust.

Orders

  • Shares in Lilianfeld Holdings Limited are held by the Trustee on the terms of the Russian Trust.
  • The St Petersburg Apartment is an asset of Lilianfeld and thus of the Russian Trust.