Ogier acted for the trustee of two Cayman Islands trusts (and two related BVI trusts) which were established in 2001, but in respect of which the trustee was unable to obtain fundamental due diligence and financial information relating to the underlying trust companies. The trustee spent numerous years attempting to obtain such information, but was unsuccessful and was consequently unable to effectively administer the trusts in the interests of the beneficiaries.
The trustee accordingly determined that it had no choice but to distribute the trust assets to one or more of the named beneficiaries and thereafter to terminate the trusts. Given the momentous nature of such a decision, Ogier was instructed to make an application for Court approval of it.
The proceedings were ultimately settled in November 2014 when the beneficiaries agreed to appoint a Bahamian executive entity as replacement trustee.