This is a new edition of a much-loved work. It has been extensively revised by the original authors – Joseph Field, a member of the California, New York and District of Columbia Bars; John Briggs, an English barrister, Deputy Insolvency and Companies Court Judge of the High Court in London and co-author of Muir Hunter on Personal Insolvency (Sweet & Maxwell, loose-leaf); and Milton Grundy, an English Barrister, head of Gray’s Inn Tax Chambers in London and chairman of the Committee of Itpa (the International Tax Planning Association).
The authors discuss the need for trusts or other legitimate measures to protect assets from creditors, the effect of bankruptcy on antecedent transfers and settlements of property and the reciprocal enforcement of bankruptcy in common law jurisdictions.
There is a chapter on offshore trusts and a chapter on the relevant offshore legislation, much of it new since the last edition. Chapters on taxation and trust assets, on enjoyment of protected assets and on drafting conclude the body of the work, and the appendices set out the text of the relevant offshore legislation, with some commentaries by local practitioners, and together with an outline precedent and a short piece on trusts in Liechtenstein.
The book focuses on the pitfalls and opportunities of the Asset Protection Trust from the point of view of the settlor resident in the United Kingdom or in the United States, but much of what the authors say in the book and the materials included in the appendices are essential reading for the practitioner or lay person contemplating asset protection in any part of the world.
