One
commentator characterizes
the Isle of Man as the "most favored trust center for asset protection trusts aimed at creditors." A recent Counsel of Ministers Report on trusts recommends that a provision insulating
certain types of trusts
settled by individuals
solvent at the time of
settlement be insulated
from challenge. This
has not yet been enacted.
The Isle of Man, center
of the BCCI failure,
is unique in offshore
trust centers in that
it has a compensation
scheme for bank deposits.
For example, every depositor
in the failed BCCI is
able to claim Pounds
15,000 in compensation
in a bailout which is
costing each remaining
bank on the island Pounds
750,000. This may account
for part of this jurisdiction's
popularity.
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