TRUSTS: Transactions that cut out beneficiaries declared void

January 31, 2025by Admin

In FS Capital v Adams (2025 EWCA Civ 53), the England and Wales Court of Appeal ruled that transactions carried out by FS Capital Ltd were void because they constituted a breach of three insolvent Jersey trusts that held substantial loan assets. The transactions cut out the beneficiaries and diverted the assets to a company under the control of the trustees for a fraction of their potential value.

 

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