Representation of Zedra Trust Company (Jersey) Limited re Z III Trust [2019] JRC 069 (26 April 2019)

Representation of Zedra Trust Company (Jersey) Limited re Z III Trust [2019] JRC 069 (26 April 2019)

The Z III Trust is insolvent and all creditors agree it should be wound up. Zedra, as the current professional trustee, is competent and familiar with the assets; appointing a new trustee or an insolvency practitioner would add unnecessary cost and delay. The winding up will proceed under a formal regime ensuring fair treatment of creditors, proofs of claim, inspection, objection, and Court approval of final accounts.

Citation
[2019] JRC 069
Parties
Representor/trustee: Zedra Trust Company (Jersey) Limited; Fourth Respondent/trustee of Z II Trust: Rawlinson & Hunter; Second Respondent/executor of C's Estate: E; Third Respondent/former Trustee: Equity Trust; Representative of Minor Beneficiaries: Advocate Chiddicks
Jurisdiction
Jersey
Judgment Date
26 April 2019
Procedural Posture
Representation/winding Up of Trust / Final Judgment/order for Winding Up
Outcome
Z III Trust to be wound up by Zedra under the formal insolvency regime attached to the judgment.
Legal Topics
Winding Up of Insolvent Trust, Appointment of Trustee, Insolvency Regime, Distribution of Trust Assets
Trusts Insolvency Private International Law Winding Up of Insolvent Trust Appointment of Trustee Insolvency Regime Distribution of Trust Assets

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 4 Party arguments 2 Amounts and remedies 14
Sign in to unlock

Parties

Zedra Trust Company (Jersey) Limited

Representor/trustee

Rawlinson & Hunter

Fourth Respondent/trustee of Z II Trust

E

Second Respondent/executor of C's Estate

Equity Trust

Third Respondent/former Trustee

Advocate Chiddicks

Representative of Minor Beneficiaries

Procedural Posture

Representation/winding Up of Trust / Final Judgment/order for Winding Up

Legal Issues

  1. 1 Whether the Z III Trust should be wound up due to insolvency
  2. 2 Who should conduct the winding up
  3. 3 What insolvency regime should be imposed

Ratio Decidendi

The Z III Trust is insolvent and all creditors agree it should be wound up. Zedra, as the current professional trustee, is competent and familiar with the assets; appointing a new trustee or an insolvency practitioner would add unnecessary cost and delay. The winding up will proceed under a formal regime ensuring fair treatment of creditors, proofs of claim, inspection, objection, and Court approval of final accounts.

Court Disposition

Z III Trust to be wound up by Zedra under the formal insolvency regime attached to the judgment.

Orders

  • Zedra to conduct winding up of Z III Trust under specified regime.
  • Zedra to pay Advocate Chiddicks' costs to date on the indemnity basis.