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Article: Tasarruf Meduati Sigorta Fonu v Merrill Lynch (Cayman) Limited And Others.(Case overview)
- Article from:
- Mondaq Business Briefing
- Article date:
- October 9, 2009
- Author:
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Cayman Islands Court of Appeal, Unreported judgment given 9 September 2009.
As a matter of English and Cayman law, does the court have jurisdiction to appoint a receiver, at the behest of a judgement creditor, by way of equitable execution over a settlor's power of revocation of a trust?
Facts On 08 June 1999, a Turkish citizen resident in Turkey, Mr. Demirel, established two Cayman trusts (the "Trusts"). Under the trust deeds, which were materially the same, Mr. Demirel reserved to himself a power of revocation. At the time of the hearing of the appeal to the Cayman Islands Court of Appeal, the trust assets were worth some US$27 million.
A ...