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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

30 JUN 2011

Tasarruf Mevduati Sigorta Fonu v Merrill Lynch Bank & Trust Co (Cayman) Ltd and others [2011] UKPC 17

TMSF obtained judgment against D in the sum of US $30 million. D was later made bankrupt. TMSF subsequently learnt that D had established two discretionary trusts in the Cayman Islands with assets of some US $24 million, in respect of whish D had a power of revocation of the trusts, with the consequence that he could re-invest in himself an amount which would satisfy a very large proportion of the judgment debt.


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