Mr Oliver Passmore

Oliver Passmore

Updates

Litigation

Z Trusts judgment: whose rights take priority when a trust is insolvent?
Jersey | 13 August 2019

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.

Private Client & Offshore Services

Z Trusts judgment: whose rights take priority when a trust is insolvent?
Jersey | 08 August 2019

The Jersey Court of Appeal recently handed down a long-awaited judgment in the Z Trusts case. The decision considers important questions regarding the equitable rights of former trustees and whether those rights have priority over the rights of other claimants to the assets of a trust (including successor trustees) whose liabilities exceed its assets. As such, trustees must consider the practical implications of this judgment and whether and how they should be mitigated.

Don't delay – Jersey's Royal Court rules that time is a factor when deciding whether to exercise its discretion on grounds of mistake
Jersey | 09 May 2019

A recent Royal Court judgment has indicated that delays in bringing an application to set aside a transfer of property to a Jersey trust due to mistake will be considered by the court when exercising its discretion as to whether to grant relief. In particular, this decision clarifies that delay is a factor that the court will consider when determining whether the mistake is of so serious a character as to render it just to make a declaration setting aside a disposition into trust.

Arrangements to deceive as to beneficial ownership will not be upheld
Jersey | 13 April 2017

The Royal Court recently clarified that any arrangement which detracts from the ability of regulators or law enforcement authorities to identify beneficial owners of companies or beneficiaries of trusts will not be recognised on grounds of public policy. This judgment sends a clear message that the court will not allow regulatory and enforcement systems to be undermined by arrangements designed to mislead the relevant authorities and reiterates that attempts to do so will lead to criminal penalties.

Testing Jersey's firewall
Jersey | 05 May 2016

The Royal Court recently considered orders made by the English Family Court in relation to a Jersey discretionary trust and therefore the operation of the so-called 'firewall' provisions contained in the Trusts (Jersey) Law 1984. The court confirmed that trustees are not prevented from taking steps which are in the best interest of their beneficiaries simply because doing so might also be seen as giving effect to a decision by a foreign court.

Tracing a new path: the final word
Jersey | 17 September 2015

The Privy Council has handed down a landmark judgment concerning the doctrine of tracing, which confirms the approach taken by the Royal Court and the Jersey Court of Appeal regarding the previously unsettled question of whether so-called 'backwards tracing' is permissible under Jersey law. For those holding assets for others, this judgment underlines the importance of understanding the ultimate source of funds received.

White Collar Crime

Tracing a new path: the final word
Jersey | 21 September 2015

The Judicial Committee of the Privy Council has handed down a landmark judgment concerning the doctrine of tracing, which confirms the approach taken by the Royal Court and the Jersey Court of Appeal regarding the previously unsettled question of whether so-called 'backwards tracing' is permissible under Jersey law. For those holding assets for others this judgment underlines the importance of understanding the ultimate source of funds received.