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Ogier | Cayman Islands | 26 Aug 2021

Reforming STAR trusts

Recently, for the first time, the Grand Court dealt with the variation of trusts established under the special trusts alternative regime (STAR). The trustee of the STAR trusts in question had applied to the court to reform the trusts through cy-pres, pursuant to section 104 of the Trusts Act, on the basis that the trusts' execution had become obsolete. This decision shows the willingness of......
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Ogier | Global | 29 Jul 2021

Battle of beneficiaries: how to avoid no man's land for trustees

As much as every trustee desires harmony and familial good will, the reality of modern trusteeship can be different. With the ever-increasing rise in high and ultra-high net worth structures, often in a dynastic setting, the potential for disharmony, or downright hostility, among beneficiaries is on the rise. Every situation will have its nuances and particular difficulties. However, this......
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Ogier | Cayman Islands | 22 Jul 2021

Structuring from the foundations to the stars: Cayman foundation companies and STAR trusts

The Cayman Islands boasts a variety of innovative and flexible vehicles and structures, beyond the basic trust instruments, which can meet the structuring requirements of a range of entities, from charities to commercial ventures. Foundations and special trust alternative regime trusts are among the structuring options available; while they are similar in terms of the flexibility that they......
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Ogier | Jersey | 20 Jul 2021

To exclude, or not to exclude, that is the question

The Royal Court recently decided to bless a trustee's decision to exclude a hostile beneficiary. This is a useful example of the Court's jurisdiction to bless momentous decisions of a trustee, but it also serves to highlight key considerations for trustees when it comes to excluding beneficiaries. If there are various options available under a trust instrument in order to exclude a......
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Ogier | Jersey | 15 Jul 2021

To exclude, or not to exclude, that is the question

The Royal Court recently decided to bless a trustee's decision to exclude a hostile beneficiary. This is a useful example of the Court's jurisdiction to bless momentous decisions of a trustee, but it also serves to highlight key considerations for trustees when it comes to excluding beneficiaries. If there are various options available under a trust instrument in order to exclude a......
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Kozusko Harris Duncan | USA | 11 Apr 2019

Family banks: personal commitment, accountability and multi-generational mentoring

Over the past decade, matriarchs and patriarchs of successful families have increasingly been concluding that their children are sufficiently provided for and have thus shifted the focus of their family's largess to a broader group of individuals by creating so-called 'family banks'. Such banks provide capital to that broader group of individuals for business ventures, public-spirited......
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Ogier | Guernsey | 4 Apr 2019

Successful application for variation of court order and construction of trust instrument

When applying to the court for an order with respect to a trust, it is important to consider how future circumstances are changing and how this might be provided for without the need for further recourse to the court. A recent case involving a Jersey trustee, which had applied to the Royal Court of Guernsey to vary an order previously made by the Royal Court and to invoke the court's power to......
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Arent Fox LLP | USA | 29 Mar 2019

Trump administration announces end to preferential trade status for Turkey and India

The Trump administration recently announced the termination of India and Turkey as recipients of the Generalised System of Preferences on the grounds that neither country has been adhering to the programme's statutory eligibility criteria. According to the press release, Turkey is 'graduating' from this programme, while India is being removed, as it has failed to assure the United States that......
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Sołtysiński Kawecki & Szlęzak | Poland | 22 Mar 2019

New film production support scheme launched

Under a new financial support scheme, the Polish Film Institute will now offer cash rebates as a form of support for the production of feature films, documentaries, animated films and TV series. The general aims of the scheme are to assist the audiovisual market, attract foreign capital, support the production of films in Poland and promote the country and its cultural heritage abroad.
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Carey Olsen | Bermuda | 14 Mar 2019

Round-up of recent trust cases

In 2018 the Bermuda courts issued several important decisions in trust cases. Moreover, the Trust Law Reform Committee of the Bermuda Business Development Agency remains active and has recently proposed further legislative reform. Among the committee's recent reform initiatives, the amendment to the Perpetuities and Accumulations Act 2009 by the Perpetuities and Accumulations Amendment Act......
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