In the matter of Vistra Corporate Services Ltd re: Ennismore Fund Management Ltd EBT [2023] JRC 222 (09 October 2023)

In the matter of Vistra Corporate Services Ltd re: Ennismore Fund Management Ltd EBT [2023] JRC 222 (09 October 2023)

The Court finds that the Trustee has properly exercised its discretion under the Trust Deed, having principal regard to Mr Vigeland's contribution to Ennismore and considering other relevant factors including litigation history, clawback agreements, and Ennismore's wishes. The Trustee's revised decision to make a distribution to Mr Vigeland is reasonable and should be blessed.

Citation
[2023] JRC 222
Parties
Trustee: Vistra Corporate Services Limited; Beneficiary/applicant: Mr Arne Vigeland; Settlor/respondent: Ennismore Fund Management Limited; Court Appointed Representative for Other Beneficiaries: Advocate Cushing
Jurisdiction
Jersey
Judgment Date
09 October 2023
Procedural Posture
Trustee Representation (blessing Application) / Final Judgment
Outcome
Trustee's revised decision to distribute trust assets to Mr Vigeland is blessed by the Court.
Legal Topics
Discretionary Trusts, Employee Benefit Trusts, Trustee Discretion, Distribution of Trust Assets, Clawback Agreements, Fiduciary Duties
Trusts Employment Law Equity Discretionary Trusts Employee Benefit Trusts Trustee Discretion Distribution of Trust Assets Clawback Agreements +1 more

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Parties

Vistra Corporate Services Limited

Trustee

Mr Arne Vigeland

Beneficiary/applicant

Ennismore Fund Management Limited

Settlor/respondent

Advocate Cushing

Court Appointed Representative for Other Beneficiaries

Procedural Posture

Trustee Representation (blessing Application) / Final Judgment

Legal Issues

  1. 1 Whether the Trustee's revised decision to distribute trust assets to Mr Vigeland should be blessed by the Court
  2. 2 Extent of Trustee discretion under the Trust Deed
  3. 3 Proper consideration of employee contribution and other relevant factors under clause 4(2)

Ratio Decidendi

The Court finds that the Trustee has properly exercised its discretion under the Trust Deed, having principal regard to Mr Vigeland's contribution to Ennismore and considering other relevant factors including litigation history, clawback agreements, and Ennismore's wishes. The Trustee's revised decision to make a distribution to Mr Vigeland is reasonable and should be blessed.

Court Disposition

Trustee's revised decision to distribute trust assets to Mr Vigeland is blessed by the Court.

Orders

  • Trustee is authorised to redeem 1,744.24 shares in the Ennismore Hedge Fund and transfer the cash proceeds to Mr Vigeland, subject to deduction and withholding for tax liabilities.
  • Trustee is authorised to transfer sufficient cash reserves to Ennismore to meet tax liability arising from the distribution.