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Insolvency and the Law of Offshore Trusts is the first book to be dedicated solely to this topic. Publication is particularly timely due to the sudden changes in asset values going on around the world and the growth in interest in cross border insolvency.
Offshore trusts typically contain assets which do or are likely to fall into the categories of assets affected by insolvency. The standards of trust administration are variable and, coupled with cash shortages and predicted interest rate rises, there is a very real risk that a significant number of trusts will become insolvent.
Corbett and Prudhoe consider the position of the bankruptcy of the settler, beneficiaries, trustee and protectors according to the laws of England Wales, the US and offshore financial centres. There is also detailed analysis of insolvency of the trust fund itself according to the laws of the same jurisdictions. The authors examine the meaning and effect of an insolvent trust fund, the liability of trustees and the role of the courts in identifying trust assets, creditors and in resolving disputes. Corbett and Prudhoe also provide an explanation of suitable processes in jurisdictions where there is an absence of procedural rules. The final chapter of the book looks at avoidance measures to keep the trust fund out of insolvency considering practical issues, trust structures and the use of non-charitable purpose trusts.
In an area with a limited number of authorities, such as this, readers will greatly benefit from the insight of the author who is a recognised expert in the trusts and insolvency fields with over 35 years experience. As well as being a practical guide to the known law and the rules likely to be applied where there is no developed body of law, this book also offers the reader guidance on how insolvency might be avoided in the first place. It will appeal to practitioners involved in offshore work across many jurisdictions and academics with an interest in the area.