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  • Part 14: Part 14: Powers of the QFC Court

    Inserted (as from 24th December 2017).

    • Article 67 - Applications to the QFC Court

      (1) An Interested Person may apply to the QFC Court to take, in respect of a Trust, any of the actions specified in this Part.
      (2) Where the QFC Court considers that a Person's interest in a Trust is sufficiently close that the Person ought to be treated as an Interested Person, the QFC Court may determine that the Person is an Interested Person for the purposes of these Regulations.
      Inserted (as from 24th December 2017).

    • Article 68 - Power of the QFC Court to order compliance

      (1) If the QFC Court is satisfied that, in respect of a Trust, a Person has failed to comply with:
      (A) a requirement of these Regulations, Rules, or the Terms of the Trust; or
      (B) an obligation imposed on the Person by these Regulations, Rules, or by the Terms of the Trust; the QFC Court may, by order, require the Person to comply with the requirement or obligation.
      (2) If the QFC Court is satisfied that a Trust has failed to carry out its objects or any of them, the Court may, by order, require the Trust to do so.
      (3) If the QFC Court is satisfied that, in respect of a Trust, a Person has failed to comply with the requirement under Article 16A(5) to register a Pre-Existing Trust, the QFC Court may order that the Trust is established, valid and binding and direct the QFC Authority to register the Pre-Existing Trust, if the QFC Court is satisfied that:
      (A) there was a reasonable excuse for the non-compliance; and
      (B) it is in the interests of justice to do so.
      (4) If the QFC Court is satisfied that, in respect of a Trust, a Person has failed to comply with the requirement under Article 16A(5) to register a Trust, the QFC Court may order that the Trust is established, valid and binding provided that QFC Court is satisfied that:
      (A) the Trust would otherwise be in compliance with the provisions of these Regulations; and
      (B) the Trust could be registered as a QFC Trust; and
      (C) it is in the interests of justice to do so.
      (5) An order under this Article may specify the action that a Person or Trust is required to take.
      Inserted (as from 24th December 2017).

    • Article 69 - Power of the QFC Court to order amendment of the Terms of the Trust

      (1) The QFC Court may order the amendment of the Terms of the Trust if the QFC Court is satisfied:
      (A) that the change will assist the Trust to administer its assets or to attain its objects; or
      (B) that those objects are no longer attainable and that the change will assist the Trust to attain objects as near as reasonably possible to those objects.
      (2) Without limiting Article 69(1), the QFC Court may make an order under Article 69(1) in the event that the Terms of the Trust cannot be readily ascertained or are otherwise incomplete.
      Inserted (as from 24th December 2017).

    • Article 70 - Power of the QFC Court to give directions

      (1) This Article applies if the QFC Court is satisfied:
      (A) that if it gives a direction it will assist a Trust to administer its assets or to carry out its objects; or
      (B) that it is otherwise desirable for the QFC Court to give a direction.
      (2) The QFC Court may give a direction as to:
      (A) the meaning and effect of a provision of the Terms of the Trust;
      (B) the manner in which a Trustee or Enforcer is required to carry out the administration of the Trust's assets or the carrying out of its objects;
      (C) the functions of any other Person appointed under the Terms of the Trust;
      (D) the functions of a Trustee;
      (E) whether a Person is a Beneficiary;
      (F) the rights of Beneficiaries under the Trust as between themselves or as between themselves and the Trust;
      (G) such other matters as the QFC Court considers relevant to the Trust, the Terms of the Trust, the administration of its assets or the carrying out of its objects;
      (H) the provision of a copy of the Trust Instrument or the Terms of the Trust to a particular Person.
      (3) The QFC Court may, in addition to giving a direction under Article 70(2), make such an order as it thinks fit to give effect to the direction.
      Inserted (as from 24th December 2017).

    • Article 71 - Power of the QFC Court to protect interests under a trust

      The QFC Court may by order appoint a Person to protect the interests of a Person which the QFC Court is satisfied is or may become a Beneficiary under a Trust, where:

      (1) the Person is unborn; or
      (2) the QFC Court is satisfied that the Person is unable to act on their own behalf.
      Inserted (as from 24th December 2017).

    • Article 72 - Power of the QFC Court to dismiss or appoint a trustee

      If the QFC Court is satisfied that it is in the interest of a Trust to do so, it may order:

      (A) the removal of a Trustee; or
      (B) the appointment of a Person to be a Trustee, or do both.
      Inserted (as from 24th December 2017).

    • Article 73 - Power of the QFC Court to take action on behalf of others

      (1) This Article applies where the QFC Court is satisfied, in respect of a Trust, that a Person has failed to comply with:
      (A) a requirement of these Regulations, Rules, or the Terms of the Trust; or
      (B) an obligation imposed on the Person by these Regulations, Rules, or the Terms of the Trust.
      (2) The QFC Court may order the QFC Authority to comply with the requirement or obligation on behalf of the Person who has failed to do so.
      (3) The QFC Court must not do so unless it is satisfied:
      (A) that to do so will assist the Trust in the administration of its assets or the attainment of its objects; or
      (B) that it is otherwise desirable that it should do so.
      (4) Where the QFC Court does so, its order has the same effect as if it were an action taken by the Person required to comply with the requirement or obligation.
      Inserted (as from 24th December 2017).

    • Article 74 - General power of the QFC Court in respect of orders

      (1) An order made by the QFC Court under this Part in respect of a Trust may, in particular, provide for the appointment or removal of a Person appointed under the Terms of the Trust.
      (2) Any order made by the QFC Court under this Part:
      (A) may be made on such terms; and
      (B) may impose such conditions,
      as the QFC Court thinks fit.
      Inserted (as from 24th December 2017).

    • Article 75 - Power of the QFC Court to set aside a disposition

      The QFC Court may on the application of the Settlor declare that a transfer or other disposition of property to a QFC Trust is voidable or of no effect from the time of its exercise where the person exercising the power to transfer:

      (A) made a mistake in relation to the transfer or disposition, or took into account considerations which should not have been taken into account (the "Failure");
      (B) would not have exercised the power but for the Failure; and
      (C) the Failure is so significant that it is just for the QFC Court to make an order under this Article.
      Inserted (as from 24th December 2017).

    • Article 76 - Power of the QFC Court to authorise dealings with trust property

      (1) Where in the management or administration of any Trust property a transaction cannot be effected as a result of an absence of power vested in the Trustee by law or by the Trust Instrument, the QFC Court may, by order, confer on the Trustee either generally or in a particular instance, the necessary power for that purpose on such terms and conditions as the QFC Court thinks fit, including directions as to the expenditure of money.
      (2) The QFC Court may make an order under this Article after the transaction has commenced or is completed and may rescind, amend or make a new or further order in relation to the transaction.
      Inserted (as from 24th December 2017).