Continue reading "Trusts: Time for a new approach?"
The case concerned various agreements (including a sale purchase agreement, a headstay agreement and an alleged oral agreement) transacted between the claimants and the defendant (among others) in connection with a business venture. It was alleged that the oral agreement obliged the defendant to redevelop, restructure, manage and/or dispose of assets within a hotel portfolio in order to maximise the financial benefit realised from such assets, and then to pay a share of the net financial benefit from such activity to the claimants. The true intention behind the oral agreement was a matte...
This action related to a transfer in September 2009 of shares in five Saudi Arabian banks, then collectively worth about US$318m, by Mr Maan Al-Sanea (who at that time held those shares) to Samba Financial Group (Samba). The claimants were the liquidators of Saad Investments Company Ltd (SICL). They alleged that Mr Al-Sanea had at the time of the transfer held those shares on trust for SICL. The claimants brought a number of different actions against Samba in respect of the transfer of the shares, formulating the case on various legal bases in the various different actions. The iteration...
W was the founder of WBL, an internationally renowned publisher of children’s books. In 1989 W instructed solicitors to create an employee trust (WBET) for WBL and transferred 51% of the WBL shares into WBET. The remainder of the shares were divided amongst family trusts established by W.
W died in 1991 and the shares in WBL held by the family trusts were distributed to employees and officers of WBL through a qualifying employee share ownership trust and a share incentive plan. Some of those shares were acquired from employees by the WBL Employee Share Ownership Plan (ESOP).
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Continue reading "Trusts: Doing away with the need for detrimental reliance"
Continue reading "Practice spotlight: Can you trust your instincts?"
Continue reading "Trustees: Call of duty?"
In 1994, by a series of trust deeds, Mrs Pesenti established four settlements in the Isle of Man known as the RR1, RR2, RR3 and RR4 Trusts, each of which was for the benefit of one of her children and his/her heirs. The RR2 Trust (the trust), which alone formed the subject of this case, took as its beneficiaries the appellant and her issue born before the perpetuity date, together with two named charities. The dispositive provisions of the trust required the trustees to hold the trust fund and its income on discretionary trusts for all or such one or more exclusively of the others or oth...