Representation of V Trustees Limited (formerly G Trustees re K and N Trusts) 9-Dec-2020 [2020] JRC 255 (09 December 2020)

Representation of V Trustees Limited (formerly G Trustees re K and N Trusts) 9-Dec-2020 [2020] JRC 255 (09 December 2020)

The Court approved the appointment of R&H Trust Co (Jersey) Limited as trustee of the K Trust, finding no conflict of interest, no requirement for Bermudan residency, and no standing for Mr A to object, as he is irrevocably excluded from the K Trust.

Citation
[2020] JRC 255
Parties
Current Trustee of K Trust: V Trustees Limited (formerly G Trustees); Beneficiary of K Trust: Mr D; Objector/excluded Beneficiary: Mr A; Proposed New Trustee of K Trust: R&H Trust Co (Jersey) Limited
Jurisdiction
Jersey
Judgment Date
09 December 2020
Procedural Posture
Representation / Post Substantive Judgment Review of Trustee Appointment
Outcome
appointment of R&H Trust Co (Jersey) Limited as trustee of K Trust approved
Legal Topics
Appointment of Trustee, Conflict of Interest, Due Diligence, Proper Law of Trust
Trust Law Appointment of Trustee Conflict of Interest Due Diligence Proper Law of Trust

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Parties

V Trustees Limited (formerly G Trustees)

Current Trustee of K Trust

Mr D

Beneficiary of K Trust

Mr A

Objector/excluded Beneficiary

R&H Trust Co (Jersey) Limited

Proposed New Trustee of K Trust

Procedural Posture

Representation / Post Substantive Judgment Review of Trustee Appointment

Legal Issues

  1. 1 Whether R&H Trust Co (Jersey) Limited should be appointed as trustee of the K Trust
  2. 2 Whether there is any conflict of interest in appointing R&H
  3. 3 Whether the new trustee must be resident in Bermuda

Ratio Decidendi

The Court approved the appointment of R&H Trust Co (Jersey) Limited as trustee of the K Trust, finding no conflict of interest, no requirement for Bermudan residency, and no standing for Mr A to object, as he is irrevocably excluded from the K Trust.

Court Disposition

appointment of R&H Trust Co (Jersey) Limited as trustee of K Trust approved

Orders

  • V Trustees Limited directed to appoint R&H as trustee of K Trust when R&H is ready to accept appointment
  • Leave granted for substantive judgment and this judgment to be disclosed by R&H for due diligence purposes