Representation of Apex Financial Services (Trustees) Limited re The Elephant Trust [2022] JRC 243 (08 November 2022)

Representation of Apex Financial Services (Trustees) Limited re The Elephant Trust [2022] JRC 243 (08 November 2022)

The Trustee's decision to terminate the Trust and distribute assets to the settlor was formed in good faith, is reasonable, not vitiated by conflict of interest, and all relevant parties have been adequately provided for and do not object. The legal test for approval of momentous trustee decisions is satisfied.

Citation
[2022] JRC 243
Parties
Trustee: Apex Financial Services (Trustees) Limited; Settlor: Settlor; Beneficiary: Wife; Beneficiaries: Four children; Lender: Guernsey company
Jurisdiction
Jersey
Judgment Date
08 November 2022
Procedural Posture
Representation / Approval of Trustee's Momentous Decision
Outcome
Application granted; trustee's momentous decision approved.
Legal Topics
Trust Termination, Trustee Powers, Beneficiary Rights, Tax Efficiency, Momentous Trustee Decisions
Trusts Private Client Tax Trust Termination Trustee Powers Beneficiary Rights Tax Efficiency Momentous Trustee Decisions

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Parties

Apex Financial Services (Trustees) Limited

Trustee

Settlor

Settlor

Wife

Beneficiary

Four children

Beneficiaries

Guernsey company

Lender

Procedural Posture

Representation / Approval of Trustee's Momentous Decision

Legal Issues

  1. 1 Whether the Trustee's decision to terminate the Trust and distribute assets to the settlor should be approved
  2. 2 Whether the Trustee's decision meets the legal test for momentous decisions
  3. 3 Whether the interests of beneficiaries and lender are adequately protected

Ratio Decidendi

The Trustee's decision to terminate the Trust and distribute assets to the settlor was formed in good faith, is reasonable, not vitiated by conflict of interest, and all relevant parties have been adequately provided for and do not object. The legal test for approval of momentous trustee decisions is satisfied.

Court Disposition

Application granted; trustee's momentous decision approved.

Orders

  • Trustee is authorised to repay the loan to the Guernsey company.
  • Trustee is authorised to terminate the Trust and distribute assets to the settlor.