A firm of trustees was appointed over trust structures with assets totalling around USD $1 billion. These included holding companies based in the British Virgin Islands and Malta, as well as several underlying companies in the UK, EU and Mexico.
The challenge
We were initially engaged by the trustees to assist with protecting and preserving the value of the trusts’ assets, by taking control of the corporate structures. This was required due to a high-profile government investigation involving the indictment of the settlor.
The investigation posed various practical complications for the trustees, including their ability to use existing banking facilities and to engage legal advisers.
It also presented challenges globally, including asset dissipation issues. Both the holding and underlying companies required formal appointments to take control and form a strategy to protect the assets within the structures.
How we helped
Working with our colleagues in the British Virgin Islands (BVI), we reviewed documentation from the trustee and formulated a strategy. This involved seeking director appointments over the BVI holding companies to take control of the corporate structures.
Once in control we were able to secure, value and, where applicable, recover the assets in the underlying structures.
The results
Requiring collaboration across our service lines and global network, we worked with the trustees to identify and execute a strategy that protected and recovered assets, and ultimately preserved value.
Our ability to work across multiple jurisdictions while also leveraging the expertise of our valuations, forensic and corporate finance teams in the UK was key to our success in this complex case.
