header-logo header-logo

11 September 2008 / David Barry
Issue: 7336 / Categories: Features , Family
printer mail-detail

Off shore trust?

When can (or will) Jersey courts enforce English orders? By David Barry

In The Imk Family Trust (Mubarak v Mubarik And Ors) Royal Court Of Jersey (deputy bailiff of Jersey, unreported, 15 August 2008) the husband and wife married in 1983. The husband and wife, as settlors, created the IMK Family Trust (the trust). The trust is a Jersey discretionary trust. The beneficiaries are the settlors, their named children and other children/issue. The trustees are third party trustees.

The trust owns shares in a Bermuda company which is the holding entity for the husband's business. The parties separated and the husband excluded the wife as a beneficiary of the trust. Mr Justice Bodey made an order requiring the husband to pay to the wife the sum of £4.875m (the ancillary relief orders).

The wife brought an application for the husband to be barred from any further participation in the English proceedings. Bodey J made an order providing if the husband wished to continue to participate he had to write a letter to the trustees

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Clyde & Co—Suriya Ashok

Clyde & Co—Suriya Ashok

Clyde Co strengthens energy transition and construction offering with hire of Suriya Ashok

Jurit—Nicole Gallop Mildon

Jurit—Nicole Gallop Mildon

Jurit appoints rare dual-qualified lawyer to expand Anglo-French private wealth expertise

NEWS
The Financial Reporting Council’s revised Audit Enforcement Procedure will alter the balance of power in corporate investigations
A telecoms operator may be able to hold over under the Landlord and Tenant Act 1954, yet still be unable to secure a renewal: an outcome described as a legal ‘paradox’

Safety fears do not automatically justify shutting an interested person out of a statutory will application

Consumer credit law is heading for its biggest shake-up in 50 years, with the Consumer Credit Act 1974 set to yield much of its detailed statutory machinery to FCA rules
The Supreme Court has settled a long-running dispute over part-time workers: unfavourable treatment need be a significant or effective cause, not the sole cause
back-to-top-scroll