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H&J bulletin highlights Trust Act amendments – PDF

Local law firm Higgs and Johnson’s newsletter takes a look “firewall legislation” bolstered by amends to the Trust Act. View the newsletter here. 

Higgs & Johnson
Monday, June 26, 2017
Monday, June 26, 2017

ALT TAG HEREJune 2017 (Higgs & Johnson) – On 1st February 2017 The Bahamas bolstered its ‘firewall legislation’ by the coming into effect of the Trust (Choice of Governing Law) (Amendment) Act, 2016 (the “Amendment Act”) which amends Section 8 of the Trusts (Choice of Governing Law) Act, 1989 (“TCGLA”).

The purpose of Section 8 of the TCGLA is to act as a ‘firewall’ to protect Bahamian law governed trusts from attacks mounted on familial disputes or forced heirship claims emanating from jurisdictions outside of The Bahamas. A part of the protection offered by Section 8 is the insulation of Bahamian law governed trusts from the enforcement of foreign judgements based on claims or rights arising by virtue of a personal relationship between the asserter of such claims or rights and the settlor.

However, it was realized that Section 8 could be enhanced to protect not only against claims or rights asserted by persons with a personal relationship with the settlor, but also against claims or rights asserted by persons with a personal relationship with any beneficiary.

This is an excerpt from Higgs & Johnson as it appeared on June 26, 2017. For updates or to read the current version of this post in its entirety, please click here.

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Jeffrey Beers International has unveiled its restoration of the iconic Dune restaurant at the One&Only Ocean Club in The Bahamas. Read a review of the renovation here.

The Association of International Banks and Trust Companies in The Bahamas held its Annual General Meeting June 22, 2017 during which co-chairman Bruno Roberts recapped a busy and productive year for the industry association.

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