When are the proceeds of an agent’s breach of fiduciary duty held on trust? – Sports Law Bulletin from Blackstone Chambers

“In FHR European Ventures LLP & ors v Mankarious & ors [2013] EWCA Civ 17 the Court of Appeal returned to the question when an agent holds proceeds of a breach of fiduciary duty as constructive trustee for his principal. The decision is required reading for sports lawyers asked to advise on breach of fiduciary duty cases. That is so not least because FHR addresses the decision in Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd [2011] EWCA Civ 347 in which the Court considered that it was bound by Lister & Co v Stubbs 45 Ch D 1 (CA) to reject the broad approach to the imposition of constructive trusts in this field which was described in Attorney General for Hong Kong v Reid [1994] 1 AC 324 (PC).”

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Sports Law Bulletin from Blackstone Chambers, 20th May 2013

Source: www.sportslawbulletin.org