Journal Article

Founder’s creditors and reserved powers—some cautionary tales

Paolo Panico

in Trusts & Trustees

Volume 20, issue 6, pages 520-524
Published in print July 2014 | ISSN: 1363-1780
Published online June 2014 | e-ISSN: 1752-2110 | DOI: https://dx.doi.org/10.1093/tandt/ttu074
Founder’s creditors and reserved powers—some cautionary tales

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In addition to the remedies offered under fraudulent conveyances legislation or some form of ‘veil piercing’, the founder’s creditors may access the foundation assets by exercising their debtor’s rights. A consistent body of case law by the Austrian Supreme Court indicates that the founder’s rights may be taken in execution by the founder’s creditors and exercised towards satisfaction of their claims. This approach is consistent with the English authority in TMSF v Merrill Lynch and a recent BVI judgment incidental to the Jersey case of Dalemont v Senatorov seems to indicate that it may apply to private foundations in general.

Journal Article.  2159 words. 

Subjects: Trusts Law

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