The Power Of Revocation Of A Settlor Of A Discretionary Trust, May Be Considered As A Property Right, Available To A Single Creditor, By Way Of Equitable Execution.
In the TASSARRUF MEVDUATI SEGORTA FONU -v- MERRIL LYNCH BANK AND TRUST COMPANY (CAYMAN) LTD & OTHERS (2011) UKPC 17, the Privy Council, permitted the appointment of an equitable receiver, to exercise the power of revocation of a settlor of a Cayman discretionary trust, so to enable a creditor to procure the execution of such power, and to recover all the settled assets, to satisfy his judgment debt.
Under the trust deed establishing the Cayman trust, the judgment debtor/settlor of the trust...
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