FINANCE professionals have been learning how to defend trusts against legal attack. Lawyers from Carey Olsen and London firm New Square Chambers painted scenarios of trustees under bombardment by beneficiaries, lawyers and outside parties.

The speakers then went on to the defensive, describing how trustees should act and their rights in the face of such attacks.

Carey Olsen managing partner John Greenfield said the firm had organised the event to keep people up to date on recent legal changes.

‘The emphasis is on advising,’ he said.

‘The trust industry is going very well. But the law is continuously evolving and everyone involved needs to keep up to date.’

Trusts play a key part in the island’s finance sector, with more than 150 full fiduciary licences issued by the Guernsey Financial Services Commission.

Family trusts have historically been the most popular in Guernsey as they can allow wealthy non-residents to ensure assets are inherited according to their wishes.

Advocate Greenfield said the seminar was not an indication that trustees had seen an increase in problems.

One of the key speakers, New Square Chambers barrister Nick Le Poidevin, described different grounds for attack on trusts.

These included sham trusts, breach of trust or assets coming from criminal proceeds.

Speaking after the event, Mr Le Poidevin said there was more awareness about regulation in the industry.

‘The law has changed in the last five years, particularly in relation to the disclosure of information,’ he said.

‘But it hasn’t put people off. The rules have shifted a bit and trustees need to be more open.’

Mr Le Poidevin is from London, but his father was a Guernseyman, so he was pleased to get the chance to return to his roots.

More than 70 lawyers, accountants, bankers and trust officers attended the event. Six London QCs and representatives from Carey Olsen were speaking.

‘I’m very pleased with the turnout,’ said Advocate Greenfield.

Each delegate was given a questionnaire to provide feedback to the law firm about the event.