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Private Client & Offshore Services

22 August 2019
Sophia Rolle-Kapousouzoglou Privy Council determines extraterritorial reach of clawback claims in insolvency proceedings

Bahamas - Lennox Paton

The Privy Council has determined that, notwithstanding the absence of express statutory provisions permitting service out of the jurisdiction of fraudulent preference claims, such claims are to have extraterritorial effect. This decision clarifies the law as it relates to the extraterritorial effect of fraudulent preference claims; however, it also creates difficulties for subscribers to mutual funds that may be held liable for investments made on behalf of third-party beneficiaries that are the ultimate recipients of payments.

Author: Sophia Rolle-Kapousouzoglou
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Xavier Nicholas Will the gift keep on giving? Office of Tax Simplification's inheritance tax review

United Kingdom - Forsters LLP

The Office of Tax Simplification recently published a report that made recommendations to the government to reform inheritance tax. The proposal that has received the most attention is the reduction of the period during which a lifetime gift remains subject to inheritance tax in the hands of the person making the gift (the donor) from seven to five years. A number of other changes have also been suggested – including in relation to agricultural property relief and business property relief.

Authors: Xavier Nicholas, Catherine Hill, Richard Douglas-Home
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Recent updates

Joanne Edwards Nuptial agreements and wealth protection

United Kingdom - Forsters LLP

Authors: Joanne Edwards, Rosie Schumm, Amanda Sandys, Simon Blain
Ashley Fife Important decision concerning confirmation of actions by improperly appointed trustees

Bermuda - Carey Olsen Bermuda

Authors: Ashley Fife, Cheri Minors, Keith Robinson
Oliver Passmore Z Trusts judgment: whose rights take priority when a trust is insolvent?

Jersey - Ogier

Authors: Oliver Passmore, Daniel Maine
Werner Jahnel Revised PILA: setting the ground for trust arbitration in Switzerland?

Switzerland - LALIVE

Authors: Werner Jahnel, Roman Huber
Johanna Niegel Family links in estate and succession planning

Liechtenstein - Allgemeines Treuunternehmen (ATU)

Author: Johanna Niegel
Jennie Cherry Should offshore trusts stay offshore – the long-term trust solution

USA - Kozusko Harris Duncan

Authors: Jennie Cherry, Stephen K Vetter
Alex Horsbrugh-Porter Regulation in Guernsey – what happens when it goes wrong

Guernsey - Ogier

Author: Alex Horsbrugh-Porter
Justin Savage Impact of evolving relationship between investors and managers on fund structuring

Cayman Islands - Ogier

Author: Justin Savage