Mourant and Co Retirement Trustees Ltd v JG and HK [2008] JRC 100 (20 June 2008)

Mourant and Co Retirement Trustees Ltd v JG and HK [2008] JRC 100 (20 June 2008)

The Trust was validly varied by the 1999 letter signed by both beneficiaries, directing the Trustee to hold the assets equally for the husband and wife upon divorce; the Trustee is to act accordingly and sell the Property as directed, subject to legal advice on enforceability and practicality in the Netherlands.

Citation
[2008] JRC 100
Parties
Representor: Turino Consolidated Ltd. Retirement Trust; First Respondent: J G (husband); Second Respondent: H K (wife)
Jurisdiction
Jersey
Judgment Date
20 June 2008
Procedural Posture
Application for Directions / Final Judgment
Outcome
Trustee directed to treat the Trust as varied and proceed to sell the Property to the wife for €415,000 (adjusted by the Formula), distribute net proceeds equally, subject to deduction of Trustee's fees and legal advice on enforceability.
Legal Topics
Variation of Trust, Enforcement of Foreign Judgments, Division of Matrimonial Assets, Trustee Duties
Trusts Family Law Private International Law Variation of Trust Enforcement of Foreign Judgments Division of Matrimonial Assets Trustee Duties

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Parties

Turino Consolidated Ltd. Retirement Trust

Representor

J G (husband)

First Respondent

H K (wife)

Second Respondent

Procedural Posture

Application for Directions / Final Judgment

Legal Issues

  1. 1 Whether the Trust can be varied to effect equal division of assets following divorce
  2. 2 Whether the Trustee should comply with the Dutch court's order regarding sale and distribution of the Property
  3. 3 Whether the 1999 letter constituted a binding direction to vary the Trust

Ratio Decidendi

The Trust was validly varied by the 1999 letter signed by both beneficiaries, directing the Trustee to hold the assets equally for the husband and wife upon divorce; the Trustee is to act accordingly and sell the Property as directed, subject to legal advice on enforceability and practicality in the Netherlands.

Court Disposition

Trustee directed to treat the Trust as varied and proceed to sell the Property to the wife for €415,000 (adjusted by the Formula), distribute net proceeds equally, subject to deduction of Trustee's fees and legal advice on enforceability.

Orders

  • Trustee to seek Dutch legal advice on possibility of sale at current market value.
  • If not feasible, Trustee authorised to sell Property to wife for €415,000 (adjusted by Formula), deduct fees, distribute net proceeds equally.