Wealth Talks brings together senior industry practitioners to gain insight and understanding on legal, tax and private wealth issues facing UHNWI clients across Asia, particularly in light of the continuing COVID-19 crisis.
I’m delighted to invite you to join the next episode of Wealth Talks.In this episode, I shall be joined by:
David Brownbill KC of XXIV Old Buildings;
Mithun Ghosh COO, Taurus Wealth; and
Stephen Branford, Partner, KPMG
In this episode, we shall discuss financial fraud, particularly in the context of continued growth in private equity investments by Single Family Offices.
Mithun will kindly start the discussion with a background to industry financial fraud risk management strategies undertaken by multi-family offices, EAMs and private banks, and will highlight the practical approach taken by Taurus Wealth when introducing direct investments to clients.
Stephen will then be invited to discuss best practice financial due diligence when considering direct equity and indirect fund investments and will share some red flag indicators of possible financial fraud, particularly when considering the financial records and accounts of a target company or fund.
David and I will end the session with a discussion of the legal fallout when financial fraud is discovered, we will consider typical insolvency remedies, the position of directors of insolvent companies and funds, and possible causes of action against auditors, private banks and regulatory bodies, we shall also consider the difficult position of investors that may be subject to clawback claims for funds previously received from an investment fund that is later found to be a Ponzi Scheme.
As with all Wealth Talks, the session will close with a summary of best practice guidance and an opportunity to ask the panel questions.
23 Jul 2022
Family Office Dispute
In this episode I shall once again be joined by David Brownbill QC of XXIV Old Buildings.David is a leading Queens Counsel and has been involved in some of the most prominent recent international trust cases, including the Privy Council decisions in Schmidt vs. Rosewood and Crociani vs. Crociani.David and I will discuss Family Office Disputes.Two related aspects will be considered: (a) best practice governance safeguards and precautions to avoid internal Family Office disputes, and (b) where a dispute does occur, best practice dispute management processes and procedures.We shall evaluate both an "Unstructured Family Office", where the family retain direct personal share ownership of the Family Office, and a "Structured Family Office" where the Family Office is held by a trust.When considering an Unstructured Family Office, we shall evaluate the principal governance and dispute management tools available: (a) Shareholders Agreement, and (b) Share Class Rights or Article Amendments. We shall evaluate the pros and cons of each option, and how they may be made to work together.When considering a Structured Family Office, we shall evaluate the options available to a settlor in designing the governance framework of a Family Office Trust, and will critically examine use of the following dispute management tools and/or remedies in the context of a trust:(a) Arbitration Clause(b) Exclusive Jurisdiction Clause(c) No Contest (Sinatra) Clause(d) Restricted Rights of Access to Information(e) Bartlett Clause(f) Trustee RemovalWe shall end the talk with a summary of best practice guidance in the creation and administration of a suitable Family Office governance framework that will help to ensure the long term success of the Family Office.
10 May 2022
Family Office Trust
In this episode, I shall be joined by David Brownbill QC of XXIV Old Buildings.
As some of you may know, David is a leading Queens Counsel and has been involved in some of the most prominent recent international trust cases, including the Privy Council decisions in Schmidt vs. Rosewood and Crociani vs. Crociani.
David and I will discuss and evaluate the Family Office Trust.
The question that David and I will answer is whether excessive reservation of powers under the trust to either the settlor or protector may ultimately invalidate the trust? The implications of the recent UK Privy Council decision in Webb vs. Webb [2020] UKPC 22, along with a series of supporting cases including “TMSF” “Pugachev” and “Dua” will be discussed in detail.
The trust laws of Singapore and Hong Kong will be considered, in light of those recent decisions, with potential risks highlighted and discussed.
The talk will end with a practical assessment of steps that may be taken in order to protect the integrity of a Family Office Trust, including:
(a) best practice trust drafting amendments;
(b) use of private trust companies;
(c) use of offshore trust laws, including Jersey, Guernsey, Cayman and BVI.
Demand for Family Office Trusts, containing complex co-governance powers and provisions can be expected to grow, it is therefore imperative that professionals involved in providing trust solutions understand the dangers and limits of reserving excessive powers to either the settlor and/or protector and the practical steps that may be taken in order to protect the integrity of the trust.
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