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Specialism: Lawyers Non-contentious Trusts, Contentious Trusts
Company: Dickinson Gleeson
Location: St Helier, Jersey
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Average client size: Over £25 million
Fixed fee offering: Yes
Number of offices globally: 1-5
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Invsolvent trusts: defining the duties of trustees
Craig Swart continues to advise one of the trustees in the long running saga involving two ‘insolvent’ Jersey trusts. The trustees sought directions in early 2015 as to the ongoing administration of the trusts. The case is ground-breaking in that it defines the duties of trustees dealing with “insolvent” trusts; the competing rights of creditors and beneficiaries; and the fetters on fiduciaries’ (including protectors’) powers that arise. It also confirms that the court’s supervisory jurisdiction is wide ranging permitting it to impose a “winding up” type regime as it has now done in relation to both trusts.