RE Z III Trust [2019] JRC 069
The Royal Court of Jersey has determined that the preferred course to follow when winding up an insolvent trust is for the existing trustee to apply a formal winding up procedure under the Court's supervision. Key features of this procedure would be (i) a moratorium on legal claims; (ii) the trustee should advertise for claims on the trust assets; and (iii) the trustee should require creditors to prove their claims before distributing the assets.
The Z Trusts litigation
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The Department of Justice is changing its method of providing public notice for civil and administrative forfeitures. The Government has traditionally published forfeiture notices in newspapers. Instead, the Government will now post generalized notices at www.forfeiture.gov.