Lynsey McIntyre, of McDermott Will & Emery LLP, has made available for download her article, Mezhprom v Lenux (2021) : When Should Offshore Trustees Participate in Foreign Proceedings?, published in JDSUPRA. The abstract is as follows:
A recent decision in a British Virgin Islands court case has raised a number of questions regarding the enforcement of foreign judgments in offshore jurisdictions that have implemented firewall legislation, and highlights issues facing offshore trustees that do not have the protection of such firewall legislation. Choosing to do nothing in the face of foreign proceedings may result in a foreign judgment that is binding on the trustee in jurisdictions where trust assets are situated. As such, trustees should consider discussing a unified response with the beneficiaries, settlor and protector to determine whether the action in the foreign court should be fought and, if so, discuss which party is best placed to lead that fight.
Click here to view Lynsey McIntyre’s summary of Mezhprom v Lenux (2021) : When Should Offshore Trustees Participate in Foreign Proceedings?.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.