Tuscany Trust Holdings Trustees (BVI) Statement on European Debt Recovery and Asset Acquisition
Road Town, Tortola, British Virgin Islands – Tuscany Trust Holdings Trustees (BVI) confirms its actions in the strategic acquisition and recovery of European debt.
In 2018, Tuscany 1980 Trust (BVI), our parent company, acquired a European debt book (87% Germany, France, Holland, Belgium, Italy, Ireland; 13% England, Scotland, Northern Ireland, and Wales) from Heritage Trust (Cayman Islands) for $4.2 million. This portfolio included both secured and unsecured personal and commercial debt, including holdings related to Shearson Lemond Ltd and Whiting Timmis and Partners Trust (BVI).
In 2020, Tuscany Trust Holdings Trustees (BVI) formed a UK special purpose vehicle, Tuscany Trust Holdings LP (UK), to manage the legal recovery of secured personal debt within this portfolio, including that associated with Shearson Lemond and Whiting Timmis and Partners.
This involved engaging UK assets owned by litigation funder Nathan Alphonso and Partners Trust (BVI) under contract, who identified individuals linked to defaulted debts. The principal Tuscany 1980 Trust BVI office directly undertook to obtain relevant judgments via the UK online service.
As a result of these recovery efforts, in January 2021, Tuscany Trust Holdings Trustees LP obtained a judgment against Whiting Timmis and Partners Trust (BVI), a wholly-owned subsidiary of Tuscany 1980 Trust, following the acquisition of the Heritage Trust debt book.
In 2022, Tuscany Trust Holdings Trustees LP acquired an equity stake in Cheryl Plummer LP, with the assignment of relevant debt books from Tuscany 1980 Trust subsidiaries as part of the consideration. This strategic acquisition further streamlined the recovery process.
These actions demonstrate Tuscany Trust Holdings Trustees' commitment to actively managing and recovering distressed debt assets to maximize returns for its beneficiaries.
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