Chair: Joanna Caen TEP, PraxisIFM Nerine (Hong Kong) Limited, Hong Kong
17.00: Mitigating fiduciary obligations – how far can (and should) a trustee go?
With trustees being increasingly concerned about potential liabilities to beneficiaries with respect to the administration of trust assets, the issue of transferring asset management responsibility to the settlor or other parties has become more prevalent. What needs to be done to effectively mitigate the trustee's liabilities, and how can this most effectively be done? Are reserved powers trusts and anti-Bartlett clauses the solution and what limitations do they have? At the same time, there are many implications of settlors retaining control of the trust's assets, including tax, asset protection, divorce and heirship disputes. The speaker will explain these concerns.
- Professor Steven Gallagher, Faculty of Law, The Chinese University of Hong Kong, Hong Kong
17.45: Alternative dispute resolution for trust disputes
Litigation before the courts, especially in a far-flung jurisdiction, is complex, expensive and time-consuming. Modern trust deeds increasingly include provisions for simplified dispute resolution. How effective are these and what are the limits? Will courts give up their supervisory jurisdiction and enforce such provisions? Can these provisions bind beneficiaries who are not parties to the trust deed? And what is the efficacy of provisions that seek to punish beneficiaries who bring their disputes to the courts in violation of these provisions? The session will explore these and other issues, and also discuss Singapore’s initiative to establish itself as a trust remediation centre.
- Werner Jahnel, LALIVE SA, Switzerland
- Steven Kempster TEP, Withers LLP, UK
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