Tchengiuz -v- Rawling and Hunter Trustees SA and Others [2017] JRC 178A (25 October 2017)

Tchengiuz -v- Rawling and Hunter Trustees SA and Others [2017] JRC 178A (25 October 2017)

Fort Trustees Limited and Balchan Management Limited were validly appointed as co-trustees of the TDT on 21 September 2017, being the date R&H received written acceptance of their appointment, and as co-trustees of the NS2 on 5 September 2017, being the date specified in the deed of appointment. The appointment of Altair and Epsilon need not be determined as they are no longer trustees. Creditors of the TDT did not need to be convened as the appointment of regulated co-trustees could not prejudice their interests given the trust's assets are held by court-appointed receivers.

Citation
[2017] JRC 178A
Parties
Applicant: Representor; Respondent: Rawlinson & Hunter Trustees S.A. (R&H); Proposed Co Trustee: Altair Limited; Proposed Co Trustee: Epsilon Limited; Co Trustee Appointee: Fort Trustees Limited; Co Trustee Appointee: Balchan Management Limited
Jurisdiction
Jersey
Judgment Date
25 October 2017
Procedural Posture
Trust Law Application / Judgment After Hearing
Outcome
Declarations granted in part
Legal Topics
Appointment of Trustees, Validity of Trustee Appointments, Protector Powers, Notification of Trustee Appointment, Insolvent Trusts, Convening Creditors
Trusts and Estates Appointment of Trustees Validity of Trustee Appointments Protector Powers Notification of Trustee Appointment Insolvent Trusts Convening Creditors

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Parties

Representor

Applicant

Rawlinson & Hunter Trustees S.A. (R&H)

Respondent

Altair Limited

Proposed Co Trustee

Epsilon Limited

Proposed Co Trustee

Fort Trustees Limited

Co Trustee Appointee

Balchan Management Limited

Co Trustee Appointee

Procedural Posture

Trust Law Application / Judgment After Hearing

Legal Issues

  1. 1 Whether Altair Limited and Epsilon Limited were validly appointed as co-trustees of the TDT and NS2 trusts
  2. 2 Whether Fort Trustees Limited and Balchan Management Limited were validly appointed as co-trustees of the TDT and NS2 trusts and the effective dates of their appointments
  3. 3 Whether creditors of the TDT should have been convened given the trust's insolvency

Ratio Decidendi

Fort Trustees Limited and Balchan Management Limited were validly appointed as co-trustees of the TDT on 21 September 2017, being the date R&H received written acceptance of their appointment, and as co-trustees of the NS2 on 5 September 2017, being the date specified in the deed of appointment. The appointment of Altair and Epsilon need not be determined as they are no longer trustees. Creditors of the TDT did not need to be convened as the appointment of regulated co-trustees could not prejudice their interests given the trust's assets are held by court-appointed receivers.

Court Disposition

Declarations granted in part

Orders

  • Declaration that Fort Trustees Limited and Balchan Management Limited were validly appointed as co-trustees of the TDT on 21 September 2017.
  • Declaration that Fort Trustees Limited and Balchan Management Limited were validly appointed as co-trustees of the NS2 on 5 September 2017.