Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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Introduction
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A recent judgment of the Royal Court is noteworthy and should provide
some comfort to Jersey trustees facing potential tax liabilities for two
reasons:
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1 January 2015 will be a key date in many forthcoming disputes between landlords and tenants as to who is to bear the cost of replacing air conditioning systems. On that date EU Regulations come into effect prohibiting the use of R22 (and other gases) when maintaining air conditioning systems.
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In this briefing we look at the potential impact on the offshore world of the Supreme Court's judgment in Pitt –v- Holt and Futter –v- Futter concerning the so called 'rule in Re Hastings-Bass' and mistake, and in particular consider the likely reaction by the courts and/or legislatures of Jersey, Cayman and Guernsey.
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In the absence of any statutory provision in Jersey addressing how dilapidations claims are to be quantified, the Royal Court's decision in JSSL v Barclays has provided some much needed guidance, particularly in circumstances where there is an acceptance that works to redress dilapidations have not been and will not be carried out.
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On 9 May 2013 the English Supreme Court handed down a unanimous judgment on the seminal cases of Pitt-v- Holt and Futter -v- Futter , with Lord Walker's valedictory judgment conclusively resolving the English position on the rule in Hastings Bass and rescission on the ground of mistake.
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In the Matter of the Representation of C, D, E and F and In the Matter of the A and B Trusts [2012] JRC 169A, in a judgment released at the end of April, the Royal Court of Jersey has provided welcome guidance as to the scope of the duties of a trust protector and the circumstances under which they may be removed by the court.
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An overview of the Review of Financial Advice and what businesses should do to prepare themselves before January 2014.
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In the first case of its kind, the Royal Court gave directions to the qualified member of a foundation's council and had to give full consideration to the law applicable to a Jersey foundation, the Foundations (Jersey) Law 2009. In giving directions, the Court's view appears to have been that a foundation is closer in nature to a company than it is to a trust, albeit that, unlike the position with a company, the council members of a foundation can take advantage of the wide-ranging jurisdiction of the Court to give directions and to bless momentous decisions.
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The Royal Court of the Island of Jersey has recently provided some
welcome clarification as to the principles that will govern the exercise
of its jurisdiction to remove a protector from office. Whilst the
Court has exercised this jurisdiction on previous occasions, In the
Matter of the A Trust is the first case in which it has been confirmed
that the principles to be applied are the same as are currently applied
to the removal of trustees from office. Read more...
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