Trust & Company Cases Update

The UK Supreme Court and Privy Council delivered three judgments in 2022 which will be of practical interest to Isle of Man fiduciaries. We briefly outline these decisions below and consider some practical implications.

The first is the UK Privy Council decision in Grand View, which relates to restrictions on the exercise of a power to add beneficiaries by reference to the purpose of the power.

The second is the UK Privy Council decision in Equity Trust (Jersey) Limited, which concerns the priority of successive trustees' rights of indemnity from the trust assets.

The third is the UK Supreme Court decision in Sequana, which relates to when a duty on directors to take into account the interests of creditors is triggered, and its content.