Wylde Rep re Carder Sett v [2001] JRC 224 (07 November 2001)

Wylde Rep re Carder Sett v [2001] JRC 224 (07 November 2001)

Managers appointed by the Court are entitled to retain in escrow sums for their fees, including for the period prior to the declaration of désastre, as they effectively acted as trustee and are entitled to the same protections as a retiring trustee.

Citation
[2001] JRC 224
Parties
Representor: Robert Wylde; Trustee: Chimel Trustee Company Limited; Proposed Trustee: Walbrook Trustees (Jersey) Limited; Applicant in Prior Application: Jersey Financial Services Commission; Managers/agents of Viscount: Price Waterhouse Coopers; Court Officer/administrator: The Viscount
Jurisdiction
Jersey
Judgment Date
07 November 2001
Procedural Posture
Representation (trusts) / Final Judgment on Application to Remove and Replace Trustee
Outcome
Application granted
Legal Topics
Removal and Appointment of Trustees, Trust Administration During Désastre, Manager's Fees and Security, Court's Supervisory Jurisdiction Over Trusts
Trusts Insolvency Financial Regulation Removal and Appointment of Trustees Trust Administration During Désastre Manager's Fees and Security Court's Supervisory Jurisdiction Over Trusts

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Parties

Robert Wylde

Representor

Chimel Trustee Company Limited

Trustee

Walbrook Trustees (Jersey) Limited

Proposed Trustee

Jersey Financial Services Commission

Applicant in Prior Application

Price Waterhouse Coopers

Managers/agents of Viscount

The Viscount

Court Officer/administrator

Procedural Posture

Representation (trusts) / Final Judgment on Application to Remove and Replace Trustee

Legal Issues

  1. 1 Whether Chimel should be removed as trustee of the Settlements and replaced by Walbrook Trustees (Jersey) Limited
  2. 2 Whether the Viscount and managers are entitled to retain sums in escrow for their fees, including pre-désastre manager's fees
  3. 3 Whether the managers' fees should be treated as secured or as ordinary creditor claims

Ratio Decidendi

Managers appointed by the Court are entitled to retain in escrow sums for their fees, including for the period prior to the declaration of désastre, as they effectively acted as trustee and are entitled to the same protections as a retiring trustee.

Court Disposition

Application granted

Orders

  • Chimel removed as trustee of all Settlements and replaced by Walbrook Trustees (Jersey) Limited
  • Viscount to deliver up all books and records to Walbrook within five working days