Challenges to trusts internationally and firewalls. Nicholas Le Poidevin QC New Square Chambers Lincoln s Inn London
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1 Challenges t trusts internatinally and firewalls Nichlas Le Pidevin QC New Square Chambers Lincln s Inn Lndn
2 Gibraltar refrming legislatin n private wealth Already in frce (17 September 2015): Trusts (Private Internatinal Law) Act 2015 intrduces firewall Private Trust Cmpanies Act statutry basis fr PTCs Purpse Trust Act 2015 nn-charitable purpse trusts Further prpsed legislatin: Private Fundatins Act draft ut fr cnsultatin
3 Firewalls general purpse Prtectin f trusts against: Matrimnial claims Frced heirship Inslvency Firewalls cver: Lcal prceedings t enfrce rights under freign law Freign judgments enfrcing rights under freign law
4 Structure f Trusts (Private Internatinal Law) Act 2015 Cre prvisin: s. 4, applying t Gibraltar trust (= trust with Gibraltar prper law) Applies t trusts whenever created: s. 8 S. 4(1) applies Gibraltar law alne t questins f: Validity f trust r dispsitin int it Capacity f settlr r ther interested party Administratin f trust Pwers and duties f trustees Extent and validity f pwers
5 Structure f Trusts (PIL) Act 2015, cntd. Subs. (2) excludes any challenge based n: Nn-recgnitin f trusts by freign law Rights r claims by virtue f persnal relatinship with settlr r thers Heirship rights r claims Freign judgment enfrcing such rights r claims Subs. (3) exceptins fr: Dispsitins f prperty if settlr des nt wn it Freign frmalities fr prperty transfers applicable under Gibraltar s chicef-law rules Freign immvables Subs. (5) freign judgment as t Gibraltar trust: nt enfrced r recgnised if freign curt applied rules substantively different frm rules identified in s. 4
6 Matrimnial rders Freign divrce curt makes financial rder: (1) Awarding spuse part f trust assets ignring separate existence f trust; r (2) Varying trust under statutry pwer; r (3) Taking trust assets t be resurce f paying spuse when fixing amunt f award
7 Matrimnial rders, cntd. Firewall prbably prtects against freign rders (1) and (2) if paying spuse is beneficiary r bject: Orders made t enfrce claim cnferred by reasn f persnal relatinship t a beneficiary (i.e. paying spuse) within s. 4(2) and S. 4(2) precludes enfrcement if trustees subjected t any bligatin r liability r ther beneficiaries deprived f any right, claim r interest Cmpare Re B Trust, RBS Cutts (Cayman) Ltd v. W (2010) 14 I.T.E.L.R. 557 (Cay. Is.) n narrwer legislatin, Trustee Ordinance, s. 83A
8 Matrimnial rders, cntd. Query effect f s. 4(5) where freign matrimnial legislatin is same as Gibraltar: Gibraltar Matrimnial Causes Act, s. 35(1)(c) authrises an rder: varying fr the benefit f the children f the family any ante-nuptial r pstnuptial settlement made n the parties t the marriage English Matrimnial Causes Act 1973, s.24(1)(c) authrises an rder: varying fr the benefit f the parties t the marriage and f the children f the family r either r any f them any antenuptial r pst-nuptial settlement made n the parties t the marriage
9 Matrimnial rders, cntd. But trustees pwers may be wide enugh t give effect t freign rder, by appinting assets ut Trustees may then chse t give effect t rder: On their wn authrity; r After seeking apprval f curt Curt might direct trustees t give effect t rder if a decisin nt t d s was unreasnable S held in Jersey in Re IMK Family Trust [2008] J.L.R. 250 (affd. n appeal) Said nt t be incnsistent with Jersey firewall (Trusts (Jersey) Law 1984 (2014 rev.), art. 9)
10 Matrimnial rders, cntd. Nte als freign cmmunity f prperty regimes: under married cuple s persnal law, prperty may be wned 50:50 If settlr is spuse, may then nt be utright wner Trusts (PIL) Act 2015, s. 4(3)(a): Subss. (1), (2) d nt validate any dispsitin f prperty which is neither wned by the settlr nr the subject f a pwer f dispsitin vested in the settlr
11 Frced heirship Heirship claims specifically cvered by Trusts (PIL) Act 2015: Heirship rights are bradly defined (s. 2) Heirship rights cannt give rise a claim t set aside a dispsitin in favur f a trust (s. 4(2)(b)) Nr can a freign judgment enfrcing them (ibid.) Attempts t say that settlr lacked capacity t settle assets because f heirship rights are anticipated ( nr is the capacity f any settlr t be questined ) Prhibitin reinfrced by s. 4(5) (judgment applying substantively different rules)
12 Frced heirship, cntd. What abut dispsitin t a trust-wned cmpany, nt directly t trustees? Query whether within wrds dispsitin t r upn such a trust in s. 4(2) If nt, Prest v. Petrdel judgment (that cmpany hlds assets n resulting trust fr transferr) may nt be blcked by firewall
13 Inslvency Pssible challenges frm: Settlr s trustee in bankruptcy Creditr saying transfer int trust is fraudulent cnveyance N specific prvisin in Trusts (PIL) 2015 Inslvency Act 2011, s. 419A transfer int trust prtected if: Settlr nt inslvent at date f transfer (liabilities nt exceeding assets) Settlr des nt becme inslvent Transfer is registered under regulatins
14 Limits t firewall Applies nly t trusts nt utright gifts Applies nly t Gibraltar trusts But will be prper t change prper law t Gibraltar law t prtect trust (cf. Re Glden Trust [2012] 2 C.I.L.R. 355 (Cay. Is.) (change t make available rectificatin) May nt help if assets situated where claims can be enfrced
15 Limits t firewall, cntd. Eurpean cntext Gibraltar part f E.U. Trusts (PIL) Act 2015, s. 7(b) Act is trumped by: any EU Regulatin, EU Directive r internatinal cnventin by which Gibraltar is bund, r may becme bund, which in relatin t particular matters, cntains rules as t the recgnitin r enfrcement f judgments Re-cast Brussels Regulatin N. 1215/2012: Requires autmatic recgnitin and enfrcement f E.U judgments: arts. 36(1), 39(1) n review as t substance: art. 52 Applies t civil and cmmercial matters but nt rights in prperty arising ut f a matrimnial relatinship, inslvency, r wills and successin: art. 1 When freign judgment fr a clawback based n frced heirship, is that a matter f successin (i) by Gibraltar law, (ii) by the freign law r (iii) by sme autnmus characterisatin?
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