Thought Leaders 4

Received Wisdom the Investec Arguments Brought To England

Ever since the Privy Council’s landmark decision in Investec v Glenalla1 in April 2018, there have been various attempts to use the arguments raised in that case in England, on both sides of the issue (being in the main whether a trust’s creditors could enforce their claims against the trust’s assets directly, or had to rely on pursuing the trustees and the trustees’ right of indemnity from the trust assets in turn).

January of 2021 saw a particularly ambitious attempt to use the Investec authority to the advantage of the trustees of a family will trust, endeavouring (as they were) to avoid several millions of pounds of liability to a (purportedly) secured lender.

In Williams v Simm2 the Court was asked to look afresh at the Privy Council’s decision in Investec as it applied to a notionally simple domestic will trust.

Noteworthy Developments In The Liechtenstein Legal Landscape In 2021

As this piece is being written, cases of infections with COVID-19 are surging (once again) all across Europe. Although we hoped that the virus would be left behind together with the year 2020, COVID has not loosened its grip over everyday life and also continues to affect judicial and administrative processes in Liechtenstein. Consequently, the Liechtenstein government has recognized the necessity to extend ancillary administrative measures (nearly) throughout the current year (until 30 September).

ESG Factors Here To Stay In Fraud And Insolvency

Onshore or offshore, whatever your industry, ESG factors are here to stay - that was the emerging theme of a series of workshops we ran on sustainability issues within fraud and insolvency at September’s FIRE Summit for fraud and insolvency practitioners.

That’s not to say that the future, or even the exact nature, of ESG and sustainability in business are mapped out. In the series of sessions that we held the practitioners agreed that the nebulous scope of the topic made it hard to define the nature of the issues, particularly given the varied possibilities for focus on the ‘E’ (Environmental), the ‘S’ (Social) or the ‘G’ (Governance).

Convoy Collateral Ltd V Broad Idea :The Return Of Black Swan And More?

On 4 October 2021, an enlarged seven-member Board of the Privy Council handed down a majority judgment (4:3) in the case of Convoy Collateral Ltd v Broad Idea International Ltd.1 It confirmed that the British Virgin Islands’ (“BVI”) court has jurisdiction to grant an injunction against a non-cause of action defendant based in the BVI in support of foreign proceedings.

However, the significance of the decision has more far-reaching consequences. This was not lost on Sir Geoffrey Vos who, in giving the minority judgment, described the decision of the majority as a “ground-breaking exposition of the law of injunctions” 2and an attempt at providing a “juridical foundation for the entire law of freezing and interlocutory injunctions” 3.

Knowledge Hub

Received Wisdom the Investec Arguments Brought To England

Noteworthy Developments In The Liechtenstein Legal Landscape In 2021

ESG Factors Here To Stay In Fraud And Insolvency

Convoy Collateral Ltd V Broad Idea :The Return Of Black Swan And More?

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