David Harby, Simon Hurry, David O'Hanlon and Andrew Peedom discuss the difficulties of enforcing onshore judgments in offshore jurisdictions in an article published in the latest issue of the STEP Journal (full citation below).
The article focuses on the offshore jurisdictions of the British Virgin Islands, the Cayman Islands, Guernsey and Jersey, all of which have statutory provisions - known colloquially as firewall legislation - designed to protect trust assets from being susceptible to such attacks.
Although this legislation does not prevent the enforcement of an onshore judgment against, for example, UK-situs assets of such trusts, it acts as both a shield and a sword against any attempt to enforce an onshore judgment against an offshore trust.
Download a pdf of the article here.
STEP members can access the full article on the STEP website.
Andrew Peedom, David Harby, David O’Hanlon and Simon Hurry, ‘Where there’s smoke there’s a fire(wall)’, STEP Journal (Vol30 Iss3), pp31-33