Cayman trusts: Forum, firewall and reformation. 24th February 2022
As STEP members will be aware, it is not uncommon for trust practitioners to find themselves involved in foreign and cross-jurisdictional disputes which can result in trustees being caught up in a clash of laws and processes and potentially facing conflicting orders and obligations.
This session will be of interest to trustees and other trust Practitioners whose practices involve offshore trusts and particularly Cayman Islands law governed trusts. The session will introduce and consider recent Cayman cases on firewall, forum and enforcement which are issues often deployed in cross jurisdictional disputes to insulate a Cayman trust from attack by foreign courts.
The presentation will also introduce STEP members to the very specific characteristics of STAR trusts which are a creature of Cayman statute and increasingly being used as effective dynastic family trusts for multiple generations, for holding operating companies, and as special purpose vehicles in a commercial context. A recent decision of the Cayman Grand Court, the first case construing certain Cayman legislative provisions involving the STAR trust, has demonstrated the willingness of the Cayman court to assist in the reformation of STAR trusts, to ensure the trusts' original intentions are fulfilled when circumstances require and the provisions of the legislation allow.
- Rachael Reynolds QC, Global Senior Partner – Ogier, Cayman Islands
- Anthony Partridge, Partner – Ogier, Cayman Islands
- Deborah Barker-Roye – Counsel, Ogier, Cayman Islands
- Aleisha Brown – Senior Associate, Ogier, Hong Kong