Tasarruf Mevduati Sigorta Fonu v Merrill Lynch Bank & Trust Co (Cayman) Ltd and others  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.
To view the full text, please log in.
To receive a FREE 14 day online trial to Insolvency Law Online click here.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...