ARTICLE · 22 NOVEMBER 1996

Trusts Case Note - Trust Money Misused By Bank

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When the Bank of Credit and Commerce International SA (BCCI) in the Isle of Man closed its doors in 1991 it was acting as trustee for a timeshare scheme which was being set up by Parque Santiago owners.

The liquidator brought a petition before the Chancery Division of the Isle of Man Court to determine whether or not moneys paid in regard to the scheme formed part of the assets of the bank in liquidation or were to be regarded separately as trust assets.

The scheme was being set up by developers on behalf of persons who were already owners of apartments on Tenerife to safeguard the value of their properties which had been adversely affected by some previous owners having sold their apartments on a timeshare basis.

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