In the matter of the Q Settlement - [2019] JRC 045 (26 March 2019)

In the matter of the Q Settlement - [2019] JRC 045 (26 March 2019)

L Beneficiaries are jointly and severally liable to the Representor for £574,465.83 as at 23 May 2014 under the agreement recited in the Act of Court dated 8 May 2014. The claim for further sums after that date is left over for future determination. JTC (Jersey) Limited and Herald Trust Company Limited are not joined as there is no dispute to be resolved with them. CRYS Finance SA is properly joined due to the security interest over shares in R Holdings Limited.

Citation
[2019] JRC 045
Parties
Representor: Herald Trustee Limited; Applicant for Joinder: JTC (Jersey) Limited; Applicant for Joinder: Herald Trust Company Limited; Respondent (joined Party): CRYS Finance SA; Respondent (l Beneficiary): C; Respondent (l Beneficiary): D; Respondent (l Beneficiary): E; Respondent (l Beneficiary): F; Respondent (l Beneficiary): G (on her own behalf and on behalf of the minor A); Respondent (l Beneficiary): H
Jurisdiction
Jersey
Judgment Date
26 March 2019
Procedural Posture
Trust Dispute / Summons for Determination of Liabilities and Joinder / Interlocutory Judgment on Summons
Outcome
Partial determination; liability established for principal sum, further claims left over, joinder of CRYS granted, joinder of JTC and Herald Trust Company Limited refused.
Legal Topics
Trustee Liabilities, Beneficiary Obligations, Joinder of Parties, Security Interests, Jurisdiction, Enforcement of Trust Liabilities
Trusts Civil Procedure Trustee Liabilities Beneficiary Obligations Joinder of Parties Security Interests Jurisdiction Enforcement of Trust Liabilities

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Parties

Herald Trustee Limited

Representor

JTC (Jersey) Limited

Applicant for Joinder

Herald Trust Company Limited

Applicant for Joinder

CRYS Finance SA

Respondent (joined Party)

C

Respondent (l Beneficiary)

D

Respondent (l Beneficiary)

E

Respondent (l Beneficiary)

F

Respondent (l Beneficiary)

G (on her own behalf and on behalf of the minor A)

Respondent (l Beneficiary)

H

Respondent (l Beneficiary)

Procedural Posture

Trust Dispute / Summons for Determination of Liabilities and Joinder / Interlocutory Judgment on Summons

Legal Issues

  1. 1 Whether L Beneficiaries are liable to the Representor for trust liabilities under the Act of Court dated 8 May 2014
  2. 2 Whether additional sums for future liabilities, fees and expenses are recoverable under the Act
  3. 3 Whether JTC (Jersey) Limited, Herald Trust Company Limited, and CRYS Finance SA should be joined as parties to the proceedings

Ratio Decidendi

L Beneficiaries are jointly and severally liable to the Representor for £574,465.83 as at 23 May 2014 under the agreement recited in the Act of Court dated 8 May 2014. The claim for further sums after that date is left over for future determination. JTC (Jersey) Limited and Herald Trust Company Limited are not joined as there is no dispute to be resolved with them. CRYS Finance SA is properly joined due to the security interest over shares in R Holdings Limited.

Court Disposition

Partial determination; liability established for principal sum, further claims left over, joinder of CRYS granted, joinder of JTC and Herald Trust Company Limited refused.

Orders

  • L Beneficiaries are jointly and severally liable to the Representor for £574,465.83 as at 23 May 2014.
  • Claim for further sums after 23 May 2014 is left over for future determination.