Front Matter (PDF) - Trusts & Trustees
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5Volume 9<br />
March 2003<br />
Editor<br />
John Goldsworth<br />
Advertising &<br />
Marketing Manager<br />
Richard East<br />
Commercial Manager<br />
Jennifer Crook<br />
Design &<br />
Production Manager<br />
Daniel East<br />
Circulation and Subscriptions<br />
Fiona Willett<br />
Specialist Editors<br />
Helen Bright<br />
Chris Owen<br />
Ralph Ray<br />
Alan Read<br />
Published by<br />
Gostick Hall Publications<br />
(Elmscroft Limited),<br />
The Mill Office,<br />
Wendens Ambo,<br />
Saffron Walden, Essex<br />
Nr Cambridge, CB11 4JX<br />
Registered in England<br />
No: 2166080<br />
ISSN 1363-1780<br />
Contact Information:<br />
Editorial<br />
+44 (0) 1799 541152<br />
Advertising & Marketing<br />
+44 (0) 1799 542292<br />
Facsimile Number:<br />
+44 (0) 1799 541972<br />
E-mail:<br />
trusts@dial.pipex.com<br />
Internet:<br />
www.trusts-and-trustees.com<br />
www.gostickhall.com<br />
www.trusts-and-trustees.com<br />
181,570 visited this website<br />
in March 2003.<br />
For opportunities to be associated<br />
with this website contact:<br />
Richard East<br />
<strong>Trusts</strong> & <strong>Trustees</strong><br />
Advertising and Marketing<br />
TRUSTS & TRUSTEES | Volume 9 • Issue 5 | April 2003<br />
Contents<br />
Jersey Focus<br />
Item Page<br />
Opinion 3<br />
Focus on Jersey<br />
Trends & Developments 4<br />
Isle of Man, Nauru, OECD, South Africa, Switzerland<br />
Problems with trusts and how to fix them 7<br />
by Kerry Lawrence<br />
Variation of Jersey law trusts using express powers 11<br />
by Paul Matthams MA (Cantab.), TEP<br />
A Jersey perspective on rectification – can a wrong ever become a right? 17<br />
by Edward Buckland<br />
Jersey trustees and the settlor’s right of recovery 22<br />
by Mark Biddlecombe<br />
Attacking offshore trusts in light of the Grupo Torras/Esteem Settlement litigation 27<br />
by Nicolas Journeaux and Rebecca Vibert<br />
Forms of settlor direction in Jersey trusts and issues which arise for the trustees 32<br />
by Advocate Steve Meiklejohn and Advocate Philip Le Cornu<br />
How should trustees handle disputes and the threat of litigation? 37<br />
by Robert Christensen<br />
Company law reform in Jersey: practical tips for company administrators 40<br />
by Wendy Benjamin<br />
The importance of selecting the correct financial services provider 43<br />
by Greg Horton<br />
Book Review 45<br />
• Underhill & Hayton ‘Law of <strong>Trusts</strong> & <strong>Trustees</strong>’ Sixteenth Edition, David J Hayton<br />
Across your desk 46<br />
• No: 3 Scope with reversionary interests<br />
Case Notes 48<br />
• Disclosure by trustees and attorney-client privilege<br />
• Jersey court orders the removal of trustee<br />
Yashvina Parujan v Atlantic Western <strong>Trustees</strong> Ltd [2003] JRC045<br />
• Jersey court rules on applications [to the Court] under the Trust Law<br />
Jacobus Broere v Mourant & Co (<strong>Trustees</strong>) & Ors 2003 JRC0006<br />
• Jersey court lifts ban on reporting trust fund allegations<br />
Jersey Evening Post v Sheikh Hamad & Ors 2002/227<br />
Trust Register 53<br />
1
Alec R Anderson<br />
Conyers Dill & Pearman<br />
Clarendon House, Church Street,<br />
P O Box HM 666, Hamilton HM CX<br />
Bermuda<br />
Tel: +1 441 295 1422<br />
Fax: +1 441 292 4720<br />
aranderson@cdp.bm<br />
Jeremy Arnold<br />
Withers Solicitors<br />
16 Old Bailey<br />
London EC4M 7EG<br />
Tel: +44 (0) 207 597 6000<br />
Fax: +44 (0) 207 597 6543<br />
mailto@withers.co.uk<br />
www.withers.co.uk<br />
Peter J G Atkinson<br />
Collas Day<br />
P O Box 140, Manor Place<br />
St Peter Port, Guernsey GY1 4EW<br />
Tel: +44 (0) 1481 723191<br />
Fax: +44 (0) 1481 711880<br />
inbox@collasday.com<br />
www.collasday.com<br />
Andrew J Baker MA (Cantab)<br />
CorTrust Reg.<br />
Pflugstrasse 10<br />
Postfach 1136, FL-9490 Vaduz<br />
Furstentum Liechtenstein<br />
Tel: +423 236 5252<br />
Fax: +423 236 5495<br />
cortrust@df.lol.li<br />
www.cortrust.com<br />
Lance I St. S Hylton & Lorraine<br />
Bartlett<br />
O’Neal,Webster, O’Neal, Myers,<br />
Fletcher & Gordon Solicitors<br />
PO Box 961, 30 DeCastro Street,<br />
Road Town,Tortola,<br />
British Virgin Islands<br />
Tel: +1 284 494 5808<br />
Fax: +1 284 494 6583<br />
Gilberto Boutin I<br />
Boutin Law Firm<br />
Apartado Postal 55-2715 Paitilla<br />
Panama, Republic of Panama<br />
Tel: +507 264 8003 / 264 7975<br />
Fax: +507 264 8002<br />
Andrew C Clements BA, LLB.,TEP<br />
Associate,Tompkins Wake, Solicitors<br />
PO Box 258, Hamilton<br />
New Zealand<br />
Tel: +64 7 838 6001<br />
Fax: +64 7 839 5713<br />
aclements@tomwake.co.nz<br />
www.tompkinswake.co.nz<br />
Robin Hugh Cotterell F.C.A.TEP<br />
Hanver Trust Company /BDO<br />
Suite 1, Barclays Building<br />
Charlestown, Nevis, West Indies<br />
Tel: +1 869 469 0200<br />
Fax: +1 869 469 0201<br />
hanverco@caribsurf.com<br />
www.namcs.com/hanver<br />
Kevin Richard Cron B.Com. LLB,<br />
LLM<br />
Deneys Reitz<br />
P O Box 61334<br />
Marshalltown 2107<br />
Republic of South Africa<br />
Tel: +27 11 833-5600<br />
Fax: +27 11 838-7444<br />
jhb@deneysreitz.co.za<br />
Cyman L I Davies<br />
Mourant du Feu & Jeune<br />
P O Box 87, 22 Grenville Street<br />
St Helier, Jersey JE4 8PX<br />
Channel Islands<br />
Tel: +44 (0) 1534 609000<br />
Fax: +44 (0) 1534 609333<br />
Walter H Diamond<br />
Overseas Press and Consultants<br />
9 Old Farm Lane<br />
Hartsdale<br />
N.Y. 10530, USA<br />
Tel: +1 914 946 4089<br />
Fax: +1 914 946 5864<br />
wddiamond@computer.net<br />
Barry S Engel<br />
Engel Reiman & Lockwood<br />
The Quadrant<br />
5445 DTC Parkway<br />
Suite 1025, Englewood<br />
Colorado 80111, USA<br />
Tel: +1 303 741-1111<br />
Fax: +1 303 694-4028<br />
bse@erl-law.com<br />
Penny Ettinger LLM<br />
Bayshore Bank & Trust<br />
Lauriston House<br />
Lower Collymore Rock Drive<br />
P O Box 1132<br />
Bridgetown, Barbados<br />
Tel: +1 246 430 5348<br />
Fax: +1 246 430 5335<br />
Dr Max Ganado<br />
Prof. J.M. Ganado & Associates<br />
57 St. Christopher Street<br />
Valletta VLT 08, Malta<br />
Tel: +35 621 247902/3/5/6<br />
Fax: +35 621 240550<br />
John Glasson<br />
Eversheds<br />
Senator House<br />
85 Queen Victoria Street<br />
London EC4V 4JL, England<br />
Tel: +44 (0) 207 919 4500<br />
Fax: +44 (0) 207 919 4919<br />
Peter Hodson<br />
Safehaven International Limited<br />
PO Box 179, de Catapan House<br />
The Grange, St Peter Port<br />
Guernsey GY1 4HH<br />
Channel Islands<br />
Tel: +44 (0) 1481 723925<br />
Fax: +44 (0) 1481 7227778<br />
& +44 (0) 1481 714545<br />
hodson@safehaveninternational.com<br />
David R Johnstone<br />
Lennox Paton<br />
Fort Nassau Centre<br />
Marlborough Street<br />
P O Box N-4875<br />
Nassau,The Bahamas<br />
Tel: +1 242 502 5000<br />
Fax: +1 242 322 1805<br />
djohnstone@lennoxpaton.com<br />
Ian Lambert<br />
Maples and Calder<br />
P O Box 309GT<br />
Ugland House<br />
South Church Street<br />
Grand Cayman, Cayman Islands, B.W.I.<br />
Tel: +1 345 949 8066<br />
Fax: +1 345 949 8080<br />
ian.lambert@maplesandcalder.com<br />
James Levy LLB<br />
J.A. Hassan & Partners<br />
57/63 Line Wall Road<br />
P O Box 199, Gibraltar<br />
Tel: +350 79000<br />
Fax: +350 71966<br />
jahassan@gibnet.gi<br />
K. C. Li, BSc (Econ),TEP<br />
Managing Director<br />
MITCO<br />
12, Remy Ollier Street, 4th Floor<br />
Port Louis<br />
Republic of Mauritius<br />
Tel: +230 210 4000/211 3201<br />
Fax: + 230 211 7549<br />
mitcomsi@intnet.mu<br />
Dr Colin Masters<br />
Head of Tax<br />
Clyde & Co<br />
51 Eastcheap<br />
London<br />
EC3M 1JP<br />
Tel: +44 (0) 207 623 1244<br />
Fax: +44 (0) 623 5427<br />
Colin.masters@clyde.co.uk<br />
www.ey.com/uk/privateclientservices<br />
A Robert Miller<br />
Ministry of Finance<br />
Financial Institutions Division<br />
6th Floor, IBB Building,<br />
Jalan Pemancha<br />
Bandar Seri Begawan BS 8710<br />
Brunei Darussalam<br />
Tel: +673 2 224 680<br />
Fax: +673 2 241 829<br />
offshore@finance.gov.bn<br />
Elias A Neocleous<br />
Andreas Neocleous & Co<br />
Neocleous House<br />
199 Arch Makarios III Avenue<br />
PO Box 50613<br />
CY - 3608 Limassol, Cyprus<br />
Tel: +357 25 362 818<br />
Fax: +357 25 359 262<br />
info@neocleous.com<br />
www.neocleous.com<br />
Margaret O’Sullivan & Associates<br />
Barristers & Solicitors<br />
130 Adelaide Street West<br />
Suite 3301, P O Box 55,Toronto<br />
ON M5H 3P5, Canada<br />
Tel: +1 416 363 3336<br />
Fax: +1 416 363 9570<br />
oslaw@istar.ca<br />
Tim Prudhoe<br />
McLean McNally<br />
Temple Financial Centre<br />
PO Box 62, Providenciales<br />
Turks and Caicos Islands<br />
British West Indies<br />
Tel: +1 649 946 4277<br />
Fax: +1 649 946 4484<br />
prudhoe@mcleanmcnally.com<br />
S J G Rae<br />
Partner<br />
Johnson Stokes & Master<br />
16th - 19th Floors, Prince’s Building<br />
10 Chater Road, Central<br />
Hong Kong<br />
Tel: +852 2843 2211<br />
Fax: +852 2845 9191<br />
sr@jsm.com.hk<br />
www.jsm.com.hk<br />
Timothy Ridley<br />
Legal Consultant<br />
Box 1970, George Town<br />
Grand Cayman, Cayman Islands<br />
Tel: +1 345 949 9095<br />
Fax: +1 345 945 2660<br />
tcr@candw.ky<br />
Marjorie Rawls Roberts LLB<br />
(Cantab) J.D.A.B.<br />
P.O. Box 8809, St.Thomas<br />
U.S.Virgin Islands 00801<br />
Tel: +1 340 776 7235<br />
Fax: +1 340 776 7951<br />
jorieroberts@worldnet.att.net<br />
Paul Roper BA LLM Adv. Dip<br />
(Int’l Tax) MIT CFP TEP<br />
Senior Manager,The Stonehage Group<br />
Ground Floor, Sir Walter Raleigh House<br />
48-50 The Esplanade, St. Helier, Jersey<br />
JE1 4HH, Channel Islands<br />
Tel: +44 (0) 1534 823000<br />
Fax: +44 (0) 1534 823001<br />
paul.roper@stonehage.com<br />
www.stonehage.com<br />
Dott Andrea Sacchi<br />
Piazza L.V. Bertorelli, 1<br />
Milano 20122<br />
Italy<br />
Tel: +39 02 8699 6885<br />
Fax: +39 02 8699 6120<br />
cs_law@virgilio.it<br />
Geoffrey J Simpson<br />
Vicena International<br />
207 High Street, Orpington<br />
Kent BR6 0PF<br />
Tel: +44 (0) 1689 898222<br />
Fax: +44 (0) 1689 898333<br />
consult@simpsonfroud.co.uk<br />
Alan J Taylor<br />
TrustNet (Cook Islands) Limited<br />
CIDB Building, Avarua<br />
P O Box 208, Rarotonga<br />
Cook Islands<br />
Tel: +682 21080/21081<br />
Fax: +682 21087/21088<br />
invest@trustnet.co.ck<br />
Juan A Tejada Mora<br />
Icaza, Gonzalez-Ruiz & Aleman<br />
Calle Aquilino De la Guardia No. 8<br />
Edificio IGRA<br />
Apartado 87-1371<br />
Panama, Republic of Panama<br />
Tel: +507 263-5555<br />
Fax: +507 269-4891<br />
Lian-Ee Teoh<br />
Director<br />
Tax and <strong>Trusts</strong> Practice Group<br />
Drew & Napier LLC<br />
20 Raffles Place<br />
#17-00 Ocean Towers<br />
Singapore 048620<br />
Tel: +65 531 2248<br />
Fax: +65 535 4864/535 4906<br />
lianee.teoh@drewnapier.com<br />
Rogelio Tribaldos - Alba<br />
MMG Consulting Corp.<br />
Member of the Morgan & Morgan<br />
Group<br />
Löwenstrasse 40, CH-8023 Zurich<br />
Switzerland<br />
Tel: +41 1 225 14 40<br />
Fax: +41 1 225 14 41<br />
info@mmg-zh.com<br />
Peter Walford<br />
Eversheds<br />
Monte Carlo, Est-Ouest<br />
24 Boulevard Princesse Charlotte<br />
MC 98000<br />
Monaco<br />
Tel:+377 93 10 55 10<br />
Fax: +377 93 10 55 11<br />
evershed@monaco.mc<br />
2 TRUSTS & TRUSTEES | Volume 9 • Issue 5 | April 2003
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