On 25 July 2012 the States of Deliberation, Guernsey’s parliament, approved the project de loi The Foundations (Guernsey) Law, 2012 (the “Law”). Subject to Privy Council approval, the Law is expected to come into force in late 2012 or early 2013. This note is a brief summary of certain features of the new Law.
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.
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.
In the Matter of the Representation of C, D, E and F and In the Matter of the A and B Trusts  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.
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.
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...
This briefing discusses the recent Hong Kong Court of First Instance
cases of Li Jianguo v Wei Wei and Pacific Overseas Investment, Yung Kee
Holdings and in Pioneer Iron and Steel. It examines some of the
potential difficulties facing litigants pursuing winding up petitions or
actions for relief from unfair prejudice against BVI and Cayman
companies in their home jurisdictions and the potential benefits in
taking steps in the BVI and Cayman courts. Read more...