Brazil v Durant Intl. [2013] 1 JLR 103 (24 January 2013)

Brazil v Durant Intl. [2013] 1 JLR 103 (24 January 2013)

Compound interest is properly awarded against defendants who knowingly received and retained US$10.5m proceeds of fraud for over 10 years under the Trusts (Jersey) Law 1984, art. 33 and the court's equitable jurisdiction.

Citation
[2013] 1 JLR 103
Parties
Applicant: Brazil; Respondent: Durant International
Jurisdiction
Jersey
Judgment Date
24 January 2013
Procedural Posture
Civil / Judgment
Outcome
compound interest awarded against defendants
Legal Topics
Compound Interest, Judgment Debt, Constructive Trust, Fraud, Breach of Fiduciary Duty, Knowing Assistance
Civil Procedure Trusts Equity Compound Interest Judgment Debt Constructive Trust Fraud Breach of Fiduciary Duty +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 1 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Brazil

Applicant

Durant International

Respondent

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether compound interest may be awarded on judgment debt under Trusts (Jersey) Law 1984, art. 33 or court's equitable jurisdiction in cases of fraud or breach of fiduciary duty
  2. 2 Whether defendants who knowingly received and retained proceeds of fraud are liable for compound interest

Ratio Decidendi

Compound interest is properly awarded against defendants who knowingly received and retained US$10.5m proceeds of fraud for over 10 years under the Trusts (Jersey) Law 1984, art. 33 and the court's equitable jurisdiction.

Court Disposition

compound interest awarded against defendants

Orders

  • Defendants to account for profit, gain or advantage derived from breach of trust including compound interest on US$10.5m proceeds of fraud