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Judgment

In the Matter of B Trust - Reasons for Judgment

FSD 0206/2017 (ASCJ) · 2019-08-20

Restructuring and distribution of trust assets - jurisdiction of court to direct Trustee - Trustee's right to apply to court for the "blessing" of its decisions to restructure and distribute - obligation of trustee to make full and frank disclosure of relevant information - whether Court should give final blessing to effect distribution before all steps in the transaction are completed and disclosed to the Court – Trustee to be indemnified if acting with the blessing of the Court - Court's approval to be binding upon all beneficiaries including minors and future unborns - duty of Court to satisfy itself that it is fully informed and that interests of minors and unborns are protected.

Full metadata
Cause Number FSD 0206/2017 (ASCJ)
Court CIGC (FSD)
Judge Smellie CJ
Parties In the Matter of B Trust - Reasons for Judgment
Judgment Date 2019-08-20
Subject Restructuring and distribution of trust assets - jurisdiction of court to direct Trustee - Trustee's right to apply to court for the "blessing" of its decisions to restructure and distribute - obligation of trustee to make full and frank disclosure of relevant information - whether Court should give final blessing to effect distribution before all steps in the transaction are completed and disclosed to the Court – Trustee to be indemnified if acting with the blessing of the Court - Court's approval to be binding upon all beneficiaries including minors and future unborns - duty of Court to satisfy itself that it is fully informed and that interests of minors and unborns are protected.
Filename (current) 19-08-20-In-the-matter-of-B-Trust.pdf
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In the Grand Court of the Cayman Islands — Financial Services Division
Cause No. FSD 0206/2017 (ASCJ)
In the Matter of B Trust - Reasons for Judgment
Before
Smellie CJ
Judgment delivered 2019-08-20

IN THE GRAND COURT OF THE C
REASONS FOR JUDGMENT

What AB now seeks therefore,
(b) ... (c) any question as
in this regard, an appointment out of

In this case, it

As already mentioned, HM

According to Mr. Ta
documents will have been settled and executed and

Thus explained, AB’s
independent valuation has been obtained and all

Nonetheless, given the juxtap
distribution of the assets. But as the
that situation from the second situation that I
(4) The fourth category is where
consistent with an approach that has been adopted

While I accept that the
within Public Trustee v Cooper Category
prohibiting the exercise proposed). The

With these concerns in mind

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