Article by Stephen B Breed

The Cook Islands has been a pioneer in innovative changes in its trust laws. This article describes these changes.

The article is particularly concerned with the amendments to the International Trust Act to the Cook Islands of 1989. These amendments include the non-recognition of foreign judgments in the Cook Islands if they are inconsistent with the local law, the preserving of a trust in spite of rules of the jurisdiction of the settlor and allowing the settlor to retain control over the trust and its property. The Act also excludes foreign bankruptcy law and introduces specific limitation periods for the bringing of proceedings by creditors. The author concludes that the Cook Islands is a jurisdiction which anticipates advisors' requirements.

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