Richmond Pharmacology Ltd v Chester Overseas Ltd and others – WLR Daily

Richmond Pharmacology Ltd v Chester Overseas Ltd and others [2014] EWHC 2692 (Ch); [2014] WLR (D) 365

‘The test of whether there was a breach of the duty under section 175 of the Companies Act 2006 was objective, and did not depend on whether the director was aware that what he was doing was a breach of his duty. It was no defence to a claim for breach of this duty that the director had acted in good faith. Nor was it a defence that the director had acted reasonably, but wrongly, had thought that he had been entitled to do what he had done.’

WLR Daily, 1st August 2014

Source: www.iclr.co.uk

The quasi-trust – The Barristers’ Hub

‘As every student of equity knows well, a trust is a type of property ownership in which one or more people (the trustee(s)) hold property on behalf of one or more other people (the beneficiary/ies), exercise all the powers of an owner of property in relation to third parties, but are bound to do so for the exclusive interests of the beneficiaries. A trust can be express, made by a formal written implement, or implied, either by transfer of property without explanation (a resulting trust) or in circumstances where the common intention of the parties is or is deemed to be for the property to be held on trust (a constructive trust). Both express and implied trusts are genuine trusts: the property is owned by the trustee, subject to the interest of the beneficiaries.’

Full story

The Barristers’ Hub, 1st August 2014

Source: www.barristershub.co.uk

FHR European Ventures LLP and others (Respondents) v Cedar Capital Partners LLC (Appellant) – Supreme Court

Posted July 22nd, 2014 in agency, appeals, fiduciary duty, law reports, Supreme Court by sally

FHR European Ventures LLP and others (Respondents) v Cedar Capital Partners LLC (Appellant) (YouTube)

Supreme Court, 9th July 2014

Source: www.youtube.com/user/UKSupremeCourt

FHR European Ventures LLP and others v Cedar Capital Partners LLC – WLR Daily

Posted July 17th, 2014 in agency, appeals, fiduciary duty, law reports, Supreme Court by tracey

FHR European Ventures LLP and others v Cedar Capital Partners LLC; [2014] UKSC ; [2014] WLR (D) 317

‘Where an agent obtained a benefit, including a bribe or a secret commission, which was, or resulted from, a breach of his fiduciary duty to his principal, he held the benefit on trust for his principal.’

WLR Daily, 16th July 2014

Source: www.iclr.co.uk

Novoship (UK) Ltd and others v Nikitin and others – WLR Daily

Posted July 9th, 2014 in bribery, causation, charterparties, debts, fiduciary duty, interest, law reports by sally

Novoship (UK) Ltd and others v Nikitin and others [2014] EWCA 908; [2014] WLR (D) 297

‘The remedy of an account of profits was available against one who dishonestly assisted a fiduciary to breach his fiduciary obligations, even if that breach did not involve a misapplication of trust property.

WLR Daily, 4th July 2014

Source: www.iclr.co.uk

Fiduciary Duties of Investment Intermediaries – Law Commission

Posted July 4th, 2014 in fiduciary duty, financial advice, news by tracey

‘Report responding to concerns raised in the 2012 Kay Review that uncertainty about their legal duties leads investors to focus on short-term movements in share price rather than making long-term investment decisions based on the fundamental value of a company.’

Full report

Law Commission, 1st July 2014

Source: www.justice.gov.uk/lawcommission

Can silence amount to “fully informed consent” to a claim for breach of fiduciary duty? – 11 Stone Buildings

Posted November 19th, 2013 in appeals, consent, fiduciary duty, news by sally

“Yes – in certain circumstances, according to the Court of Appeal in the recent case Sharma v Sharma [2013] EWCA Civ 1287. Jackson LJ (with whom McCombe and Floyd LJ agreed) reviewed the authorities on the defence of fully informed consent and laid down a framework of the applicable principles.”

Full story

11 Stone Buildings, 31st October 2013

Source: www.11sb.com

Strengthening the legal duties on financial professionals to act in the best interests of savers – Law Commission

Posted October 29th, 2013 in consultations, fiduciary duty, financial advice, Law Commission, news, pensions, trusts by sally

“Today [22 October] the Law Commission publishes a consultation paper reviewing how ‘fiduciary duties’ apply to investment intermediaries. The paper traces a chain of intermediaries from an individual, saving for a pension, to the registered shareholder of a UK company. It looks at the obligations of those in the chain to act in the interests of savers.”

Full story

Law Commission, 22nd October 2013

Source: www.lawcommission.justice.gov.uk

Fiduciary Duties of Investment Intermediaries – Law Commission

Posted October 22nd, 2013 in consultations, fiduciary duty, Law Commission, pensions, trusts by tracey

“Consultation reviewing the obligations on investment intermediaries to act in the interests of savers.”

Full consultation

Law Commission, 22nd October 2013

Source: www.justice.gov.uk/lawcommission

Regina (Nash) v Barnet London Borough Council – WLR Daily

Regina (Nash) v Barnet London Borough Council [2013] EWCA Civ 1004; [2013] WLR (D) 335

“A local authority’s duty to consult under section 3(2) of the Local Government Act 1999 arose at a formative stage of the relevant process when the authority made arrangements to secure continuous improvement in the way in which its functions were exercised within section 3(1) of the Act. For the purposes of CPR r 54.5, a judicial review claim challenging the authority’s lack of consultation had to be brought within three months of the date when the grounds to make the claim had first arisen. That was the date the defendant authority had taken the decision to enter the procurement process for outsourcing, and since the claim had not been issued until the decision to enter into the contracts had been taken, it was out of time.”

WLR Daily, 2nd August 2013

Source: www.iclr.co.uk

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).”

Full story

Sports Law Bulletin from Blackstone Chambers, 20th May 2013

Source: www.sportslawbulletin.org

High Court Litigation Commercial Bargains and The Common Law – 11 KBW

Posted May 15th, 2013 in company law, courts, employment, fiduciary duty, news by sally

“Employment litigation in the High Court is one of the most interesting and dynamic areas of practice. The cases tend to be fought at the point where countervailing currents commercial and employment law meet and many of the cases turn on resolving the tension between a bargain struck between commercial men and the portmanteau term of trust and confidence. That tension presents an opportunity for the creative advisor and a pitfall for the unwary”

Full story (PDF)

11 KBW, 10th May 2013

Source: www.11kbw.com

Supreme Court ruling on trustee mistakes “likely to create uncertainty”, says expert – OUT-LAW.com

“A Supreme Court ruling on the circumstances in which courts can set aside decisions made wrongly by trustees is ‘likely to create uncertainty’ due to the subjective nature of the test, an expert has said.”

Full story

OUT-LAW.com, 10th May 2013

Source: www.out-law.com

High court rejects legal challenge to Barnet’s ‘easyCouncil’ plans – The Guardian

“Campaigners against Barnet council’s radical plan to outsource hundreds of millions of pounds worth of services, dubbed easyCouncil, are to take their case to the appeal court after a judge ruled their objection to a £320m contract had come too late.”

Full story

The Guardian, 29th April 2013

Source: www.guardian.co.uk

The Scope Of The Duty Of Fidelity – No. 5 Chambers

Posted April 17th, 2013 in contracts, employment, fiduciary duty, news by sally

“What are the duties of an Employee who is approached by a family member to supply goods or services to his Employer?”

Full story

No. 5 Chambers, 18th March 2013

Source: www.no5.com

Charles Terence Estates Ltd v Cornwall Council – WLR Daily

Posted November 16th, 2012 in fiduciary duty, homelessness, housing, law reports, local government by tracey

Charles Terence Estates Ltd v Cornwall Council: [2012] EWCA Civ 1439;   [2012] WLR (D)  326

“It was not appropriate to circumscribe a local authority’s power to acquire houses in order to provide accommodation for unintentionally homeless in priority need by limiting the power to acquire at a reasonable price.”

WLR daily, 13th November 2012

Source: www.iclr.co.uk

High Court Litigation Commercial Bargains and the Common Law – 11 KBW

Posted May 28th, 2012 in dismissal, employment tribunals, fiduciary duty, news by sally

“Employment litigation in the High Court is one of the most interesting and dynamic areas of practice. The cases tend to be fought at the point where countervailing currents commercial law and employment law meet and many of the cases turn on resolving the tension between the bargain struck between commercial men and the implied term of trust and confidence. That tension presents an opportunity for the creative and a pitfall for the unwary.”

Full story (PDF)

11 KBW, 28th May 2012

Source: www.11kbw.com

Directors’ Fiduciary Duties – 11 KBW

Posted November 30th, 2011 in company directors, fiduciary duty, legislation, news, statutory duty by sally

“Were the statutory duties in the Companies Act 2006 intended to be simply a replacement without change?”

Full story (PDF)

11 KBW, 23rd November 2011

Source: www.11kbw.com

Progress Property Co Ltd v Moorgarth Group Ltd – WLR Daily

Progress Property Co Ltd v Moorgarth Group Ltd [2010] UKSC 55; [2010] WLR (D) 218

“The sale of a company’s assets to a shareholder was not an unlawful distribution of assets if the court concluded that it was a genuine commercial transaction at arm’s length even if it appeared with hindsight that the sale was at an undervalue. The court’s conclusion depended on a realistic assessment of all the relevant facts and not simply on a retrospective valuation exercise in isolation from all other inquiries. The essential issue was how the transaction was to be characterised, and that was a matter of substance and not form.”

WLR Daily, 8th December 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

O’Donnell v Shanahan and another – WLR Daily

Posted July 27th, 2009 in company directors, fiduciary duty, law reports by sally

O’Donnell v Shanahan and another [2009] EWCA Civ 751; [2009] WLR (D) 252

“A company director had a duty to inform the company of a relevant business opportunity and could not make his own decision that the company would not be interested, and without more, appropriate the opportunity to himself.”

WLR Daily, 24th July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.