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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

11 JAN 2012

Tasarruf Mevduati Sigorta Fonu v Merrill Lynch Bank and Trust Co (Cayman) Ltd and Others [2011] UKPC 17, [2011] BPIR 1743 (Privy Council, Lord Hope, Lord Mance, Lord Collins, Lord Clarke and Lord Reed, 21 June 2011)

TMSF obtained judgment against D in the sum of US$30m. D was later made bankrupt. TMSF subsequently learnt that D had established two discretionary trusts in the Cayman Islands with assets of some US$24m, in respect of which 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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