HONG KONG, Dec. 22, 2023 /PRNewswire/ — In a dynamic era marked by rapid changes in both the global landscape and markets and with a myriad of services available, it becomes imperative for professionals in the financial industry to cultivate cross-sectoral perspectives within wealth management and constantly refresh them.
Metis Global Group is always proactive in fostering continual learning among its employees, business partners, and industry professionals. In collaboration with the Chartered Insurance Institute, Metis has successfully conducted another year of the LEAD (Learning, Enhance, and Development) programme this November. Concurrently, our expert contributed to the October/November issue of the institute’s journal, The Asia-Pacific Journal. With these initiatives, Metis endeavours to extend this enlightening information to a broader audience.
The Hon Chan Kin-por GBS, JP, Legislative Council Member and Executive Council Member of Hong Kong (centre), Dr Cheung, Founder and Chairman of Metis Global Group (third from the left), Kenny Siu, Regional Director, Hong Kong & Asia Pacific of CII (third from the right), Dr Olivia Lui, Senior Programme Director, HKUSPACE (second from the left) and CII lecturers are pictured after the recognition ceremony of the LEAD programme.
The two cohorts of training of this year’s LEAD programme, covering insurance and related legal principles, corporate governance, risk management, financial planning and insurance business and finance, attracted enrolment from over 150 participants. The feedback is positive as they have gained new insights into various topics in wealth management.
On 15 December 2023, the participants gathered again for a recognition ceremony, where they were presented with their Continuing Professional Development (CPD) and attendance certificates. Prior to awarding the certificates, Dr Cheung, Founder and Chairman of Metis Global Group, underscored in his remarks the profound benefit of partnering with CII in disseminating trust and financial knowledge. He also encourages the participants to never cease their lifelong learning and to stay abreast of market changes.
In the journal article, a crucial provision in the Cook Islands International Trusts Act that makes the jurisdiction stand out in protecting a settlor’s trust asset against a creditor’s claim is examined. The link to the journal and the full article are provided in the Appendix for reference.
As we celebrate the successful completion of this year’s LEAD programme and the insightful exploration of the Cook Islands International Trusts Act, Metis remains steadfast in fostering a culture of lifelong learning and elevating industry standards. The synergy created through collaboration with professional institutions such as CII is undoubtedly an added driving force towards this goal.
About Metis Global Group
Metis Global Group is a financial group that strives to provide unconventional trust and wealth management solutions to clients in Asia. As members of a well-established group, Metis Global (Singapore) Pte. Limited, Metis Global Limited, and Metis Global (Cook Islands) Limited offer trust solutions from jurisdictions that have well-developed trust protections which provide clients with comprehensive asset protection.
The article below is published in the October/November issue of The Asia-Pacific Journal, published by the Chartered Insurance Institute. Follow the link to read the original version (p.13): https://thejournal.cii.co.uk/2023/10/30/asia-pacific-journal-octobernovember-2023
A Real Asset
The Cook Islands International Trusts Act 1984 ("ITA") is designed to enhance the protection of assets transferred into a Cook Islands international trust. The most significant provisions in this regard focus on a creditor’s action against a transfer or transfers to a trust. In that regard the Cook Islands has abolished the Statute of Elizabeth – a 16th Century English Statute that sets out the requirements to establish a fraudulent conveyance of property.
It is essential from an asset protection perspective, that trust assets are not in a jurisdiction which remains subject to the Statute. In its place, rules have been enacted with statutory limitation periods providing certainty in determining whether a transfer to a Cook Islands international trust is fraudulent or not.
Those rules are detailed in Section 13B of the ITA and include provisions deeming transfers of property to a trust not to be fraudulent against a creditor in specified circumstances. To summarise, a creditor must commence an action in a court of competent jurisdiction within one year of the date of the transfer he/she is claiming against and in the Cook Islands High Court within two years of that same transfer.
Where a transfer is within the relevant periods, the creditor may be in a position to challenge that transfer as having been fraudulent. However, in doing so he/she must prove beyond reasonable doubt that the transfer was made with the principal intent to defraud him/her and in making that transfer, the settlor rendered him/herself insolvent. The standard of proof is therefore the criminal standard.
These rules provide a great deal of certainty for settlors and their creditors, existing and future, and are the primary reason the Cook Islands is regarded as the world’s premier asset protection jurisdiction.
The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Siam News Network.