Equity Trust (Jersey) Ltd (Respondent) v Halabi

This article first appeared in Volume 20, Issue 3 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com

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Synopsis

The Judicial Committee of the Privy Council ('JCPC') considered appeals from the Guernsey Court of Appeal ('GCA') and the Jersey Court of Appeal ('JCA'). The hearings were consolidated and heard together in June 2021.

The GCA had previously upheld a judgment of the Royal Court of Guernsey (the 'Guernsey Royal Court') (handed down in December 2019) in the long running ITG Limited & Ors v Glenella Properties Limited & Ors litigation. The claim, commenced by ITG Limited (formerly Investec Trust (Guernsey) Limited) and Bayeux Trustees Limited as former trustees of the Tchenguiz Discretionary Trust (the 'TDT') (the 'Former Trustees'), relates to a trust governed by the laws of Jersey. The Royal Court held that the claims of a Former Trustee and its trust creditors