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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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