The appellants succeeded before the Bermuda Supreme Court but that decision was overturned by the Bermuda Court of Appeal. The Trust Deed provided that the Settlor or any person to whom he may delegate the power, may by instrument. The appellants challenge the validity of the amendment of the GRT’s beneficiaries and the transfer of its assets to Grand View as trustee for the WFT. his sisters and her children and remoter issue. the Named Beneficiaries all children and remoter issue of any. It cannot be held responsible for any misunderstanding made when the form was completed or any changes in circumstances affecting who should benefit from the plan. INTERPRETATION R元60 will carry out the instructions given by you as plan owner(s). The GRT Trustee was placed into voluntary liquidation on 29 November 2006 and dissolved on 30 January 2007. Please complete the Trust Deed in ink and use block capitals (except for signatures) and. TRUST FUND The plan benefits of the plan detailed in Part A of this trust deed. which is Individual A and their children and remoter issue.
The directors of the GRT trustee took steps to execute those decisions in September 2005. Will the proposed amendments to the Trust Deed cause capital gains tax (CGT) events A1. In May 2005, the directors of the GRT trustee determined that the GRT trustee would (i) transfer the assets of the GRT to Grand View (of which they were also directors) as trustee for the WFT, (ii) add Grand View as a beneficiary of the GRT, and (iii) exclude all of the existing beneficiaries of the GRT (including the appellants). Winston Wong, Riley Wong, Jennifer Wang and Tony Wang were all beneficiaries of the GRT at the time of its creation and contend on this appeal that they still are. It was declared by the first respondent, Grand View Private Trust Company ("Grand View") on and was transferred assets worth around US$567m at the time of its creation.
The Wang Family Trust (the "WFT") is a Bermuda perpetual purpose trust for a mixture of noncharitable and charitable purposes and has no human beneficiaries. The GRT was declared on and is estimated to hold assets of over US$500m as of 2019. The Global Resource Trust No 1 (the "GRT") is a Bermudan irrevocable discretionary trust with a trust period of 100 years created for the benefit of the children and remoter issue of YC Wang and YT Wang living on or born after. Was the amendment of a Bermudan trust’s beneficiaries and the transfer of the trust’s assets to another entity by its trustee (i) beyond the scope of the trustee’s powers, a fraud on the trustees’ powers or otherwise invalid, or (ii) in violation of the terms of the trust deed, so as to render the purported amendment and transfer void? such of the children or remoter issue (if any) of the late Marcuswell Maxwell. the requirement for a witness to be physically present for any execution of a deed by one signatory may pose an issue. Grand View Private Trust Company and another (Respondents) v Wen-Young Wong and others (Appellants) (Bermuda) Case ID: JCPC 2020/0064 Jurisdiction: Court of Appeal for Bermuda Case summary Issue Trust Deed means the trust deed concerning the McMillan Memorial Library. Remote Working and the Execution of Deeds.
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