There is an old saying, attributed to the French Philosopher
Voltaire, that 'doubt is not a pleasant condition but certainty
is an absurd one'. For trustees of trusts governed by the laws
of the Cayman Islands (Cayman), and indeed for trustees worldwide,
doubt as to the future value of trust assets (and as to the future
needs or actions of beneficiaries) may be their new default
condition as they deal with the upheaval brought on by recent
global events.
Those facing the most uncertainty, and risks of claims, may well
be trustees of trusts that hold speculative or high-risk assets
including investments in small business start-ups, private equity
or venture capital funds, and technology companies - or with
significant interests in industries (such as retail, tourism, or
aviation) - all of which anticipate facing spectacular losses.
Liability for such losses will fall for consideration before too
long, and it is important for trustees to be aware of how best
