A Settlement [2009] JRC 125 (26 June 2009)

A Settlement [2009] JRC 125 (26 June 2009)

Given the sensitivity of the issues, potential conflicts, and the limited nature of the interim directions, it was appropriate for the Court to proceed without convening the beneficiaries, with review after ten weeks.

Citation
[2009] JRC 125
Parties
Representor/trustee: Royal Bank of Canada (RBC); Beneficiary: Beneficiaries of B Settlement; Beneficiary: Beneficiaries of C Settlement; Beneficiary: Beneficiaries of D Settlement
Jurisdiction
Jersey
Judgment Date
26 June 2009
Procedural Posture
Trust Administration Application / Interim Directions
Outcome
Interim directions granted without convening beneficiaries; review in ten weeks.
Legal Topics
Trustee Discretion, Beneficiary Convening, Tax Liability, Conflict of Interest
Trusts Equity Tax Trustee Discretion Beneficiary Convening Tax Liability Conflict of Interest

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Parties

Royal Bank of Canada (RBC)

Representor/trustee

Beneficiaries of B Settlement

Beneficiary

Beneficiaries of C Settlement

Beneficiary

Beneficiaries of D Settlement

Beneficiary

Procedural Posture

Trust Administration Application / Interim Directions

Legal Issues

  1. 1 Whether the Court should proceed to give interim directions without convening the beneficiaries of the trusts
  2. 2 Whether RBC should surrender its discretion to the Court due to conflicts of interest

Ratio Decidendi

Given the sensitivity of the issues, potential conflicts, and the limited nature of the interim directions, it was appropriate for the Court to proceed without convening the beneficiaries, with review after ten weeks.

Court Disposition

Interim directions granted without convening beneficiaries; review in ten weeks.

Orders

  • RBC given ten weeks to liaise with directors of Irish companies to explore issues raised in draft report.
  • No disclosure of draft report to beneficiaries (other than D family directors) pending further order.