Post-Cardigan analysis by 5 Stone Buildings’ Hugh Cumber
The recent decision of the English Court of Appeal in the Cardigan litigation illustrates the importance of applications by the trustees for the approval of ‘momentous’ decisions, as set out in the case of Public Trustee v Cooper [2001].
Such applications are widely used in offshore jurisdictions and have a number of advantages for trustees, who may prospectively insure that their decisions are insulated from challenge by dissatisfied beneficiaries. However, if this exercise is to be successful, the trustees will be required to give full evidence of their reasons.
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