Representation of Y re W Trust 30 Sep 2022 [2022] JRC 203 (30 September 2022)

Representation of Y re W Trust 30 Sep 2022 [2022] JRC 203 (30 September 2022)

The W Trust continues to subsist because it retains a cause of action to recover Company 1 shares transferred to R in breach of trust, as R was not a beneficiary and Y did not consent. Caversham ceased to be trustee upon dissolution, and the court has power to appoint Y as trustee to pursue the claim and access trust records.

Citation
[2022] JRC 203
Parties
Representor / Applicant / Beneficiary / Appointed Trustee: Y; Respondent / Father of Y and T / Former Director / Recipient of Trust Assets: R; Former Trustee: Caversham Trustees Limited; Deceased Beneficiary / Brother of Y: T; Holder of Caversham's Records: JTC; Interested Party: Trustee in Bankruptcy of R
Jurisdiction
Jersey
Judgment Date
30 September 2022
Procedural Posture
Representation (trusts) / Judgment on Subsistence of Trust and Appointment of Trustee
Outcome
Application granted
Legal Topics
Existence and Subsistence of Trust, Appointment of Trustee, Breach of Trust, Trust Asset Recovery, Disclosure of Trust Documents
Trusts Law Equity Existence and Subsistence of Trust Appointment of Trustee Breach of Trust Trust Asset Recovery Disclosure of Trust Documents

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Parties

Y

Representor / Applicant / Beneficiary / Appointed Trustee

R

Respondent / Father of Y and T / Former Director / Recipient of Trust Assets

Caversham Trustees Limited

Former Trustee

T

Deceased Beneficiary / Brother of Y

JTC

Holder of Caversham's Records

Trustee in Bankruptcy of R

Interested Party

Procedural Posture

Representation (trusts) / Judgment on Subsistence of Trust and Appointment of Trustee

Legal Issues

  1. 1 Whether the W Trust continues to subsist after transfer of assets to R
  2. 2 Whether the transfer of Company 1 shares to R was valid or a breach of trust
  3. 3 Whether Y should be appointed as trustee to pursue recovery of trust assets

Ratio Decidendi

The W Trust continues to subsist because it retains a cause of action to recover Company 1 shares transferred to R in breach of trust, as R was not a beneficiary and Y did not consent. Caversham ceased to be trustee upon dissolution, and the court has power to appoint Y as trustee to pursue the claim and access trust records.

Court Disposition

Application granted

Orders

  • Confirmed that the W Trust continues to subsist.
  • Confirmed that Caversham ceased to be trustee upon dissolution.