Representation of Ocorian Private Trustees (Jersey) Limited and Ocorian Limited Re T Trust [2024] JRC 015 (18 January 2024)

Representation of Ocorian Private Trustees (Jersey) Limited and Ocorian Limited Re T Trust [2024] JRC 015 (18 January 2024)

The Distribution Plan cannot be blessed as presented due to unreasonable allocation of the French write off solely to C, failing to reflect joint venture reality with D. Trustees' approach to Property 1 is reasonable, giving D until end of February 2024 to provide proof of funds, failing which eviction proceedings and open market sale should proceed. Trustees' charging of W Trust administration costs to D is reasonable in principle, but quantum must be assessed. All costs incurred by Trustees and professional advisers since Settlor's death must be referred to Judicial Greffier Substitute for taxation on trustee basis due to substantial sums and credible challenges to quantum.

Citation
[2024] JRC 015
Parties
Applicant: The Trustees; Respondent: C; Respondent: D; Respondent: B; Respondent: E; Respondent: Advocate Renouf
Jurisdiction
Jersey
Judgment Date
18 January 2024
Procedural Posture
Trust Administration/blessing Application / Post Interim Judgment, Final Distribution Plan Approval
Outcome
Court refuses to bless the Distribution Plan as presented; approves Trustees' approach to Property 1 and charging of W Trust administration costs in principle; directs taxation of all costs incurred since Settlor's death.
Legal Topics
Trustee Decision Making, Distribution of Trust Assets, Allocation of Losses, Quantum and Allocation of Costs, Court Blessing of Trustee Actions
Trusts Estate Administration Costs Trustee Decision Making Distribution of Trust Assets Allocation of Losses Quantum and Allocation of Costs Court Blessing of Trustee Actions

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Parties

The Trustees

Applicant

C

Respondent

D

Respondent

B

Respondent

E

Respondent

Advocate Renouf

Respondent

Procedural Posture

Trust Administration/blessing Application / Post Interim Judgment, Final Distribution Plan Approval

Legal Issues

  1. 1 Should the court bless the Distribution Plan for winding up the T Trusts and distributing assets?
  2. 2 How should the French write off be allocated among beneficiaries?
  3. 3 Is the Trustees' approach to Property 1 reasonable?

Ratio Decidendi

The Distribution Plan cannot be blessed as presented due to unreasonable allocation of the French write off solely to C, failing to reflect joint venture reality with D. Trustees' approach to Property 1 is reasonable, giving D until end of February 2024 to provide proof of funds, failing which eviction proceedings and open market sale should proceed. Trustees' charging of W Trust administration costs to D is reasonable in principle, but quantum must be assessed. All costs incurred by Trustees and professional advisers since Settlor's death must be referred to Judicial Greffier Substitute for taxation on trustee basis due to substantial sums and credible challenges to quantum.

Court Disposition

Court refuses to bless the Distribution Plan as presented; approves Trustees' approach to Property 1 and charging of W Trust administration costs in principle; directs taxation of all costs incurred since Settlor's death.

Orders

  • Trustees to provide detailed costs budget for implementing steps plan, including eviction proceedings.
  • All internal administration costs and professional fees/expenses since Settlor's death to be referred to Judicial Greffier Substitute for taxation on trustee basis.