Timothy Sherwin has written a paper on decisions at first instance and on appeal in Rusnano Capital AG (in liquidation) v Moland International (PTC) Limited. In particular, he focuses on the effect, or lack of effect, of the Rusnano case on the application of the rule in Saunders v Vautier.
The Rusnano case was decided based on section 53 of the Trust Law (Guernsey) 2007, an autonomous provision of Guernsey law, which is similar but not identical to the principle in Saunders v Vautier. The case not only provides highly relevant authority on section 53, but raises interesting questions, and brings into sharp focus, the question of whether discretionary beneficiaries of trusts can bring those trusts to an end where there is an overriding power of addition or appointment meaning that the discretionary beneficiaries’ rights to be considered may yet be defeated.
A copy of the article can be found here.