Troublesome Trusts:Problems and Solutions for Fiduciaries

The Royal Gibraltar Yacht Club Thursday 15th October 2015 14:00 - 17:45hrs

Drinks and tapas reception from 17:45hrs

Royal Gibraltar Yacht ClubThursday 14th September 201714:00-17:45

Drinks and tapas reception from 17:45

TRIAY & TRIAY LAWYERS

Triay & Triay and XXIV Old Buildings Gibraltar Conference 2017

14:00 - 14:20

14:20 - 14:30

14:30-15:05

15:05 - 15:40

15:40 - 16:05

16:30 - 17:05

Registration and refreshments

Drinks and Tapas

16:05 - 16:30

17:40 - 19:00

Too clever by half? Exposure of trust service providers to claims by beneficiaries - Bajul Shah and Edward Cumming

• How might disgruntled beneficiaries reach through different trust structures to sue trust service

providers when things go wrong?

• How might trust service providers minimise that risk?

• How might the case law in this area develop?

17:05 - 17:40

Introduction - Stephen Moverley Smith QC, XXIV Old Buildings and Sue Medder, Chambers Director XXIV Old Buildings

Tea Break

Half Nelson: wrestling with suspicion - Stephen Moverley Smith QC and Charles Simpson

Stephen Moverley Smith QC and Charles Simpson discuss recent dishonest assistance claims in

Gibraltar and the significance of Nelsonian knowledge and suspicion in establishing liability.

TITLE - David Brownbill QC

David Brownbill QC

Who decides who decides? And whose law is it anyway? - Adam Cloherty and Erin Hitchens

Adam Cloherty and Erin Hitchens take you on a whistle stop tour of the private international law of

trusts. Addressing key issues that arise at all points in the life of a dispute, they will survey

jurisdiction, service out, choice of law, the Hague Trusts Convention and the impact of firewall

legislation.

Avoiding confusion about exclusion - Sarah Bayliss

In light of recent case law, Sarah Bayliss offers thoughts on how service providers should best

approach provisions limiting their liability in commercial dealings.

Stephen Moverley Smith QC - XXIV Old Buildings Stephen specialises in commercial and private client disputes, trust and company work with a multi-jurisdictional dimension. He has an extensive international practice, particularly in the Cayman and British Virgin Islands, and is recommended by Chambers & Partners as a leading offshore silk. Also recommended for private client, commercial chancery, commercial litigation, fraud, company, insolvency and banking/finance, the legal directories describe him as “an obvious leader” and “a creative problem solver who rolls up his sleeves, gets stuck in and has an excellent courtroom style”.

David Brownbill QC- XXIV Old Buildings Described by Legal 500 as David has a strong practice specialising in contentious and non-contentious trust and company matters in England and offshore. Chambers & Partners recommend him for commercial chancery and offshore work, noting that he “

David’s practice has a particular emphasis on fraud and asset recovery and international trust, corporate and commercial structuring (including structured investments, hedge funds, pensions and insurance contracts).

Sue Medder - XXIV Old Buildings Sue is the Chambers Director at XXIV Old Buildings and joined in June 2014 from international law firm Withers LLP, where she was a partner. Directories acknowledge her as “an incredible asset” who has “enhanced the set overall since her arrival in 2014”. Sue is responsible for client care at XXIV, the development of members’ practices and has responsibility for the clerking team. She also sits on XXIV’s management committee and is closely involved in the strategic growth of Chambers.

Bajul Shah - XXIV Old Buildings Bajul's practice comprises trusts and estates litigation, commercial and international litigation, company and insolvency and fraud. He is also a member of the Bar of the Eastern Caribbean Supreme Court and has experience of litigation in Anguilla, the BVI, Cayman, Guernsey, Gibraltar, the Isle of Man and Jersey. He is recommended in the legal directories for commercial litigation, civil fraud, private client and offshore work. His recent work includes the litigation in Guernsey, acting for a beneficiary in high-net-worth divorce proceedings in England, and acting for the liquidators of an investment fund that was the victim of the

fraud.

Sarah Bayliss - XXIV Old Buildings Sarah is noted as a “fantastic barrister”, “very commercial as well as pragmatic” and “a good tactician with a sharp mind for complex issues”. Sarah’s practice encompasses a broad range of contentious trust, company/commercial and investment work in the UK and internationally. She has extensive experience of offshore jurisdictions including the Cayman Islands, the BVI, Jersey, Guernsey, the Isle of Man, Gibraltar and the DIFC. Sarah was counsel for Blacktower Financial Management and Capital Services in Plymouth Rock v John Lister and Ors 2013/P/130 before the Gibraltar High Court which settled shortly before trial earlier this year. She has acted in a number of substantial international private client matters involving investment disputes, both for private individuals and families and for banks/funds. She is presently engaged in two substantial claims for family provision before the English High Court, both involving estates with significant corporate interests, several matters concerning family interests in England and the Near and Far East and a number of banking/investment disputes.

Charles Simpson - Triay & Triay Charles was called to the Bar in England and Wales in 1996 and subsequently in Gibraltar in 1997. He qualified as an English solicitor in 2003. Charles is a member of the Middle Temple and ACTAPS and is a member of both the Dispute Resolution and Private Client teams. Charles undertakes general dispute resolution work including interim remedies, asset tracing, civil and commercial litigation, financial services, banking/regulatory litigation, trust/family disputes, divorce, separation and child related matters. Charles is a trained mediator and has developed an international reputation as an “excellent litigator”. He has recently contributed to “International Trust Disputes” as published by Oxford University Press and also the Fir a st and Second Editions of “Comparative Guide to Family Law” as published by Thomson Reuters. Charles also undertakes private client work albeit usually in a contentious context. Charles has considerable experience in a number of complex private wealth disputes involving Gibraltar trusts as well as matrimonial finance /divorce matters.

Adam Cloherty - XXIV Old Buildings “Extraordinarily intelligent” and “extremely responsive”, Adam has a broad commercial chancery practice, with well-recognised specialisms in trusts and estates, corporate/commercial and financial services/banking work both at home and abroad. Adam’s recent work includes Akers v Samba in the Supreme Court (on trusts in the conflict of laws); Property Alliance Group v Royal Bank of Scotland plc – the test case on civil liability for LIBOR rigging and derivatives misselling; and Slutsker v Haron Investments in the Court of Appeal (the leading English case on the interaction between matrimonial property regimes and trusts). He has appeared in or advised on matters in all the major financial centres and it is said that he “knows the offshore world inside out”. He is called to the BVI Bar and has been called ad hoc to the Bars of the Cayman Islands and Gibraltar. Adam is recommended in the main legal directories, it being noted that he is “very punchy, clear and tough-minded” with “an ability beyond his years of experience”.

Edward Cumming- XXIV Old Buildings Said to be “a lion in court”, Edward prides himself on being both a “formidable advocate and excellent with clients”. He has exceptional experience of contentious trust litigation, which, together with commercial litigation and company/insolvency work, forms a key part of his busy practice. In the past year (as well as becoming a father!), he has been named “Chancery Junior of the Year” at the Chambers & Prs UK Bar Awards, acted for Viscount Weymouth in his claim to remove a trustee of the famous Longleat Estate, appeared as sole counsel before the Supreme Court in Wood v Capita Insurance Services [2017] UKSC 24 (the leading authority on contractual interpretation) and continued to act for the Libyan Investment Authority (LIA) in relation to its appeal following the 2-month trial of LIA v Goldman Sachs [2016] EWHC 2530 (Ch) (concerning novel equitable claims in a business context), and in LIA v Société Générale & ors (which settled on the eve of a 3½-month trial with SocGen apologising and announcing it had agreed to pay more than $1 billion to the LIA). Recognised as a leading junior by Chambers & Prs and Legal 500 in 5 and 6 practice areas (respectively), he is said to show “maturity beyond his years” as well as being described as “[f]erociously hard-working, but always a delight to deal with” and “a solicitor’s dream”.

Erin Hitchens- XXIV Old Buildings Erin regularly acts and advises on a wide range of commercial and company law issues, including shareholder disputes, financial services, partnership disputes, trusts and estates contractual disputes and aviation matters. She has been instructed in relation to proceedings in several offshore jurisdictions including the Cayman Islands, Jersey, the BVI, Anguilla and the DIFC relating in particular to trusts and funds. Recent trust matters include Crociani v Crociani in Jersey involving claims for alleged breaches of trust. She is currently instructed on a case concerning the alleged mis-selling of financial products which is due to go to trial later this year in the High Court and an aviation dispute in the Commercial Court.

Speakers’ Biographies

Nicholas LuckmanPractice Director

nicholas.luckman@xxiv.co.ukTel: +44 (0)20 7419 6244Tel: +44 (0)7774 240112

xxiv.co.uk

GENEVAXXIV Old Buildings

11 rue du Général-Dufour CH - 1204 Geneva

SwitzerlandTel: +41 (0)22 322 2500Fax: +41 (0)22 322 2515

LONDONXXIV Old Buildings

Lincoln’s Inn LondonWC2A 3UP

DX No LDE 307Tel: +44 (0)20 7691 2424Fax: +44 (0)870 460 2178

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TRIAY & TRIAY LAWYERS