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ARTICLE · 07 AUGUST 2014

Trustee Amendment Act 2014

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The Trustee Amendment Act 2014 provides for the Court’s discretion to set aside a fiduciary’s exercise of a power where the exercise of that power was flawed.

BermudaWealth Management
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Operative 29 July 2014, the Trustee Amendment Act 2014 (Amendment Act) provides statutory clarification of the Court's discretion to set aside a fiduciary's exercise of a power where the exercise of that power was flawed. The Amendment Act preserves the rule in Hastings Bass as it had been applied prior to the UK Supreme Court's decision last year in Pitt v Holt and Futter v Futter.

Setting Aside Exercise of A Fiduciary Power

Under the Amendment Act, the Court, in relation to exercise of a fiduciary power, may upon satisfying itself that certain conditions have been met, set aside the exercise of a power in whole or part, unconditionally or on such terms as the Court may think fit.

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