Settlor Samoya and the proposed trustees Sheena and Jade agreed to execute a trust deed in the Cayman Islands to take advantage of the benefits of the exempted trust.

Settlor Samoya and the proposed trustees Sheena and Jade agreed to execute a trust deed in the Cayman Islands to take advantage of the benefits of the exempted trust. On the face of the trust deed, the property is to be held on trust for another beneficiary, who does not exist. Samoya reserved the power to revoke, vary or amend the trust instrument, to appoint both the income or capital of the trust property, to appoint and remove trustees, to change the governing law and the forum for administration of the trust. Samoya has transferred all her assets to the trust and is the main beneficiary. Mark, a creditor of Samoya in an onshore jurisdiction, discovers that from the outset Samoya, Sheena and Jade had agreed that the true arrangement would be otherwise than set out in the trust deed and that Samoya intends that she would remain the owner of the property transferred. Mark requires advice.

 Advise Mark. 

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