Re Dion Investments Pty Ltd [2013] NSWSC 1941
October 2014 #143The Dion Family Trust was set up by deed as a discretionary trust in Papua New Guinea in August 1973 when Papua New Guinea was an external territory of Australia. It contains the following clause:
’15 [all potential beneficiaries] or any of them may at any time with or without the consent of the Trustee by deed revoke all or any of the trusts hereby declared and declare other trusts of the settled property and income derived therefrom in favour of such person or persons the said [potential beneficiaries] or any of them shall in their absolute discretion determine with or wi...