Representation of IQ EQ (NTC Trustees) (Jersey) Ltd and Anor [2023] JRC 192 (21 October 2023)

Representation of IQ EQ (NTC Trustees) (Jersey) Ltd and Anor [2023] JRC 192 (21 October 2023)

The DORA contained a clear drafting error by vesting the power of appointment in the Founder rather than Atlas. There was convincing evidence of the parties' true intention for Atlas to retire and Nautilus to be appointed trustee. The requirements for rectification under English law were satisfied, including the existence of issues capable of being contested. Rectification was granted to correct the DORA and validate Nautilus's appointment and actions as trustee.

Citation
[2023] JRC 192
Parties
Applicant: Nautilus Trustees Limited (now IQ EQ (NTC) Trustees (Jersey) Limited); Founder: Walker and Son (Hauliers) Limited; Retiring Trustee: Atlas Trust Company (Jersey) Limited
Jurisdiction
Jersey
Judgment Date
21 October 2023
Procedural Posture
Rectification Application / Final Judgment
Outcome
application granted
Legal Topics
Rectification of Trust Deed, Appointment of Trustees, Trustee De Son Tort, Jurisdiction, Remuneration Claims
Trusts Equity Private Client Rectification of Trust Deed Appointment of Trustees Trustee De Son Tort Jurisdiction Remuneration Claims

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Parties

Nautilus Trustees Limited (now IQ EQ (NTC) Trustees (Jersey) Limited)

Applicant

Walker and Son (Hauliers) Limited

Founder

Atlas Trust Company (Jersey) Limited

Retiring Trustee

Procedural Posture

Rectification Application / Final Judgment

Legal Issues

  1. 1 Whether the Deed of Appointment and Retirement (DORA) validly appointed Nautilus as trustee
  2. 2 Whether rectification of the DORA is appropriate under English law
  3. 3 Whether actions taken by Nautilus as trustee are valid

Ratio Decidendi

The DORA contained a clear drafting error by vesting the power of appointment in the Founder rather than Atlas. There was convincing evidence of the parties' true intention for Atlas to retire and Nautilus to be appointed trustee. The requirements for rectification under English law were satisfied, including the existence of issues capable of being contested. Rectification was granted to correct the DORA and validate Nautilus's appointment and actions as trustee.

Court Disposition

application granted

Orders

  • DORA rectified to reflect correct appointor as Atlas Trust Company (Jersey) Limited
  • Nautilus declared validly appointed as trustee from time to time in accordance with the Trust Deed