Crociani v Crociani [2018] JRC 140 (31 July 2018)

Crociani v Crociani [2018] JRC 140 (31 July 2018)

Transfers of the Grand Trust paintings to the Apollo Trust and subsequent movements were void as they breached trust and court orders; United Trust Anguilla is not a bona fide purchaser for value without notice. BNP Jersey is entitled to assignment of rights and recovery of the paintings to set off against compensation paid.

Citation
[2018] JRC 140
Parties
Applicant: BNP Jersey; Defendant: Madame Crociani; Defendant: Paul Foortse; Trustee: Ocorian Trustees (Jersey) Limited; Defendant: United Trust (Anguilla) Limited; Interested Party: Camilla Crociani; Plaintiff: Cristiana Crociani
Jurisdiction
Jersey
Judgment Date
31 July 2018
Procedural Posture
Representation for Enforcement of Judgment / Post Judgment Enforcement
Outcome
Orders granted for transfer of Grand Trust paintings to 23 Investments and assignment of rights to BNP Jersey; costs awarded to Ocorian and plaintiffs.
Legal Topics
Breach of Trust, Freezing Injunctions, Assignment of Rights, Proprietary Claims, Compensation Orders
Trust Law Asset Recovery International Enforcement Breach of Trust Freezing Injunctions Assignment of Rights Proprietary Claims Compensation Orders

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Parties

BNP Jersey

Applicant

Madame Crociani

Defendant

Paul Foortse

Defendant

Ocorian Trustees (Jersey) Limited

Trustee

United Trust (Anguilla) Limited

Defendant

Camilla Crociani

Interested Party

Cristiana Crociani

Plaintiff

Procedural Posture

Representation for Enforcement of Judgment / Post Judgment Enforcement

Legal Issues

  1. 1 Whether the Miami paintings should be transferred to BNP Jersey or restored to the Grand Trust
  2. 2 Whether United Trust Anguilla as trustee of the Apollo Trust is a bona fide purchaser for value without notice
  3. 3 Whether transfers of paintings breached the Jersey world-wide freezing order

Ratio Decidendi

Transfers of the Grand Trust paintings to the Apollo Trust and subsequent movements were void as they breached trust and court orders; United Trust Anguilla is not a bona fide purchaser for value without notice. BNP Jersey is entitled to assignment of rights and recovery of the paintings to set off against compensation paid.

Court Disposition

Orders granted for transfer of Grand Trust paintings to 23 Investments and assignment of rights to BNP Jersey; costs awarded to Ocorian and plaintiffs.

Orders

  • Upon restoration of 23 Investments, United Trust Anguilla and Madame Crociani must transfer title and possession of Grand Trust paintings to 23 Investments.
  • Ocorian authorised to assign share in 23 Investments to BNP Jersey on satisfactory terms with notice to Cristiana and Camilla.