DEALS & CASES | Fiduciary
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Fiduciary Deals
Provided urgent Budget-critical advice to a Guernsey trust company in respect of a Discretionary Trust Instrument where assets were to be transferred into a Guernsey based Trust following a Deed of Variation by a UK resident beneficiary of a Guernsey Estate to include liaising with the trust company and the end client's UK tax advisors.
Advised on the appointment out of a Guernsey trust structure to a beneficiary of assets abroad involving extensive drafting and liaison with advisers in other jurisdictions.
Drafted new plain English Discretionary Trust precedent and rolling this out to a Guernsey trust company.
Prepared Instrument of Appointment in relation to funds to be paid out of a Guernsey law discretionary trust to include an indemnity from the recipient beneficiary and advice on ratification of previous incorrect exercise of powers and break in the chain of appointment/retirement of trustees.
Reviewing technical background papers received from Australian accountants in connection with a proposed 6 trust Guernsey based structure. Summarising the same and presenting the summary to the firm's corporate partners with a view to agreeing a pitch document for the project and preparing the pitch document.
Provided an urgent Budget-critical written Opinion in respect of the validity of an Instrument of Appointment and Retirement of Trustees under Guernsey law as part of a larger corporate transaction.
Providing an opinion for a Guernsey Trust Company in respect of a request for information - to include advising on the applicable legislative regime, the exclusion of the statutory duty to provide information and the standing of the applicant.
Providing an opinion for a Guernsey Trust Company in respect of the legitimacy of their exercise of the power to invest when significant sums were lost as a result of investing in Fairfield Sentry which was the subject of fraud by Bernard Madoff. Opining on exposure for losses generally.
Advised widely on the effect and interpretation of the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulation 2007 as they affect fiduciary businesses.
Advised on the analysis of the statutory framework and preparing a Retirement Annuity Trust for a Guernsey trust company together with a technical note on RATS for internal use.
Assisting in the establishment of the firm's own death in service scheme to include reviewing policy terms, work on Trust Instrument and liaising with internal HR, the broker and the insurer.
Prepared updates and modernised the fiduciary precedent bank in the light of legislative changes last year and express the documents in plain non-legalistic language.
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