Asset Protection: Unauthorised Access

Posted on 27 September 2016. Source: Law Journals

Asset Protection: Unauthorised Access

The current buzzwords of the offshore worlds are ‘transparency’ and ‘accountability’. In that context, asset protection legislation, commonly known as ‘firewall’ legislation, can increasingly seem something of an anomaly. Firewall legislation seeks to defend and protect offshore trusts from attack – whether from creditors, spouses or heirs – and from pressure from the onshore world. Matters concerning trusts established in offshore jurisdictions are, instead, for the local court applying local law. The message from jurisdictions in which such legislation has been enacted is that local courts will not simply kowtow to orders made by onshore courts.

Peter Steen and Bethan Byrne consider firewall legislation and analyse the continued conflict with the English Family Division.

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