In a recent judgement re the Z Trusts [2015] JRC196C from the Royal Court of Jersey it was held that the test for an insolvent trust is a cash flow test, rather than a balance sheet test. Once an insolvency, or probable insolvency, arises, the trustee or other persons holding fiduciary powers can only exercise those powers in the interests of the creditors. This is a significant case as there is little authority on insolvent trusts.

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Insight

Locations

Jersey

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