High-Profile Guernsey Trust Court Case Sets Important Precedent On Trustee Liability

Carey Olsen has acted for the winning parties in a decision issued by Guernsey's Royal Court in a landmark trust case involving Robert Tchenguiz and one of the offshore trust structures in which his assets are held.

Carey Olsen represented Grant Thornton's Stephen Akers and Mark McDonald, who had been appointed as joint liquidators of some of the companies involved in the Tchenguiz structure and who are now judgment creditors for over £183 million.

The hearing took place in June 2012 before Lieutenant Bailiff Sir John Chadwick QC and is of fundamental importance to the international trust industry, providing clarity on the rights of trustees to an indemnity from trust assets and the rights of creditors dealing with trusts.