Advising our client in respect of an Employee Benefit Trust dispute

We acted on behalf of our client in connection with a claim regarding the establishment of an Employee Benefit Trust (EBT), against a company that was wholly owned by the EBT.

A company based in the Isle of Man advised our clients to create an EBT as a tax planning strategy. However, their advice in fact resulted in considerable financial loss and damage to our clients (multimillion pound sum). A claim was issued at the High Court (Business and Property Court).

The claim was successful with the Court ordering that the gift (i.e. the property worth multimillions that was transferred to the Defendant) be declared voidable for mistake and voided at the instance of our clients such that the property transfer to the Defendant was set aside. The Court further ordered that the Defendant shall transfer legal ownership of all the assets (a sum worth over a million) to our clients.

We continue to be instructed by our clients in connection with a separate but related claim for professional negligence against its former professional advisors, regarding the establishment of the EBT and damages for a multimillion pound sum.