Rathbone Fiduciaries -v- Mauleverer and Ors [2007] JRC 016 (24 January 2007)

Rathbone Fiduciaries -v- Mauleverer and Ors [2007] JRC 016 (24 January 2007)

The appointment of the shares in Basilisk Limited to Rock Forge Limited by the representor on 24 April 2001 was valid and effective to transfer beneficial ownership. The Global companies have since held the shares as bare nominees for Rock Forge. The representor could not transfer legal ownership as it was not the registered shareholder, but the beneficial interest was validly appointed. The Hastings-Bass and Duomatic principles do not invalidate or alter this outcome.

Citation
[2007] JRC 016
Parties
Representor: Rathbone Fiduciaries Jersey Limited; First Respondent: Rex Mauleverer; Second Respondent: Global Trading Company (Jersey) Limited; Third Respondent: Global Trust Services (Jersey) Limited; Fourth Respondent: Global Sales and Service (Jersey) Limited; Fifth Respondent: Palm Trust Settlor; Beneficiary: Rock Forge Limited
Jurisdiction
Jersey
Judgment Date
24 January 2007
Procedural Posture
Representation for Declarations / Final Judgment
Outcome
Declaration granted in favour of the representor.
Legal Topics
Appointment of Trust Assets, Beneficial Ownership, Nominee Shareholders, Trustee Resignation, Hastings Bass Principle, Duomatic Principle
Trusts Company Law Appointment of Trust Assets Beneficial Ownership Nominee Shareholders Trustee Resignation Hastings Bass Principle Duomatic Principle

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Parties

Rathbone Fiduciaries Jersey Limited

Representor

Rex Mauleverer

First Respondent

Global Trading Company (Jersey) Limited

Second Respondent

Global Trust Services (Jersey) Limited

Third Respondent

Global Sales and Service (Jersey) Limited

Fourth Respondent

Palm Trust Settlor

Fifth Respondent

Rock Forge Limited

Beneficiary

Procedural Posture

Representation for Declarations / Final Judgment

Legal Issues

  1. 1 Was the appointment of the issued share capital of Basilisk Limited to Rock Forge Limited valid?
  2. 2 Did the representor validly appoint the beneficial ownership of the shares?
  3. 3 Are the Global companies holding the shares as nominees for Rock Forge?

Ratio Decidendi

The appointment of the shares in Basilisk Limited to Rock Forge Limited by the representor on 24 April 2001 was valid and effective to transfer beneficial ownership. The Global companies have since held the shares as bare nominees for Rock Forge. The representor could not transfer legal ownership as it was not the registered shareholder, but the beneficial interest was validly appointed. The Hastings-Bass and Duomatic principles do not invalidate or alter this outcome.

Court Disposition

Declaration granted in favour of the representor.

Orders

  • Declaration that the appointment of 24 April 2001 was valid and effective to appoint the entire issued share capital of Basilisk Limited to Rock Forge Limited absolutely.
  • Declaration that the Global companies have since 24 April 2001 held the shares in Basilisk as bare nominees for Rock Forge Limited.