Jersey Judgment

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

Civil Procedure Trusts Equity Compound Interest Judgment Debt Constructive Trust Fraud Breach of Fiduciary Duty

+1 more

Knowing Assistance

Citation: [2013] 1 JLR 103
Status: Judgment
Jurisdiction: Jersey
Posture: Civil / Judgment

More details

Posture: Civil / Judgment

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Professional case brief

Research organized from the available case record

Source document

Holding and result

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

Material facts

Parties

Brazil

Applicant

Durant International

Respondent

Amounts and remedies

Proceeds of Fraud: USD 10,500,000

Procedural history

Posture

Civil / Judgment

Questions and positions

Legal issues

01
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
02
Whether defendants who knowingly received and retained proceeds of fraud are liable for compound interest

Party arguments

Applicant: Compound interest should be awarded against defendants who knowingly received and retained proceeds of fraud for over 10 years under Trusts (Jersey) Law 1984, art. 33 or the court's equitable jurisdiction.
Respondent: Compound interest is not properly awarded in this context; the defendants dispute liability for compound interest on the judgment debt.

Court’s reasoning

Legal principles

01
Trusts (Jersey) Law 1984, art. 33

Compound interest may be awarded under Trusts (Jersey) Law 1984, art. 33 or the court's general equitable jurisdiction in cases of fraud or breach of fiduciary duty, including knowing assistance.

Ratio, limits and disposition

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

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

Source and reliance status

Official court record

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Source document

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Judgment text

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Source document

Court record

Judgment

[2013] 1 JLR 103

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BAILII >> Databases >> Jersey Law Reports >> Brazil v Durant Intl. [2013] 1 JLR 103 (24 January 2013) URL: https://www.bailii.org/je/cases/JLR/2013/JLR131103.html Cite as: [2013] 1 JLR 103 [ New search ] [ Help ] Brazil v Durant Intl. 2013 (1) JLR 103 (24 January 2013) Civil Procedure-judgments and orders-interest on judgment debt-compound interest-may be awarded under Trusts (Jersey) Law 1984, art. 33 (i.e. constructive trustee to account for profit, gain or advantage derived from breach of trust) or under court's general equitable jurisdiction to award compound interest in cases of fraud or breach of fiduciary duty (includes knowing assistance cases)-properly awarded against defendants who knowingly received and retained US$10.5m. proceeds of fraud for over 10 years The document you wish to view is available to registered users or can be purchased as a PDF. To purchase this document in PDF format or alternatively to Register to purchase membership go to the Jersey Law website via this link: 2013 (1) JLR 103 BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback | Donate to BAILII URL: https://www.bailii.org/je/cases/JLR/2013/JLR131103.html

Authorities

Authorities used by the court

Cases, legislation, regulations, and constitutional provisions identified in the available record.

Trusts (Jersey) Law 1984, art. 33

Legislation

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