Pennyfeathers underscores the stringency of directors’ duties and indicates when the court will lift the corporate veil to provide a remedy for breach. Nicholas Broomfield explains ‘Lord Sumption had affirmed a limited power of the court to pierce the corporate veil in circumstances where a party was abusing corporate personality to evade their obligations.’ The …
Continue reading "Fiduciary Duties: Rigour at all times"
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Wills & Trusts Law Reports | January/February 2014 #136In April 2003 qualified dentist Anushika Sharma acquired her first dental practice. In January 2007 she acquired a second practice and in July 2007 she was provided with an opportunity to purchase a third. This opportunity prompted a family meeting to discuss Anushika’s expanding empire. Jagesh Sharma (Sunny), Keshbala Sharma and Rajesh Sharma (Anushika’s then husband, mother-in-law and brother-in-law respectively) and Anushika were in attendance. During this meeting it was determined that a company (ADC Ltd) would be set up to purchase the third practice rather than Anushika doing this ...
Philip Youdan and Russell Simpson look at Page v Hewetts, which provides guidance on issuing a claim in accordance with the Limitation Act 1980 ‘The judgment in Page v Hewetts provided important clarification on what is necessary to issue a claim in compliance with the Limitation Act 1980.’ The recent case of Page v Hewetts …
Continue reading "Estate Administration: Know your limits"
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Wills & Trusts Law Reports | May 2013 #129The claimants (Investor Group) appealed from the decision of Simon J ([2011] EWHC 2308 (Ch)) that the Investor Group was entitled to a personal, but not a proprietary, remedy against Cedar Capital Partners LLC (Cedar). There was no appeal from Simon J’s decision that Cedar was liable to account in equity to the Investor Group.
Monte Carlo Grand Hotel in Monaco was owned by Monte Carlo Hotel SAM, a Monegasque company. The company’s share capital was owned by Monte Carlo Grand Hotel Ltd, a BVI company. In September 2004, the BVI company was interested in selling the hotel, either by...
Wills & Trusts Law Reports | April 2013 #128The second defendant (Mr Mosley) appealed against the judgment of Deputy Master Bartlett of 9 May 2012 dismissing his application to strike out the claim brought against him by the claimant (Mr Popley). Mr Popley’s father had caused a trust known as the Blue Ridge Trust (the trust) to be settled in St Vincent and the Grenandines. The shares in the first defendant company (Atem) were held by the third defendant corporate trustee on the terms of the trust. In 2000, Atem purchased White Owl Barn, Tenterden, Kent. Atem remained legal and beneficial owner of the property until 2011. In ...
Mark Pawlowski and James Brown consider a recent ruling on proprietary relief for a secret commission acquired by an agent for securing the purchase of a property The difficulty confronting future courts will be to identify which situations fall within the opportunity category identified in Sinclair and which fall outside it. It is trite law …
Continue reading "Secret Commissions: Unauthorised profits"
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The Australian case Grimaldi v Chameleon Mining takes an interesting stance on key points of equity law, as Carrie Rome-Sievers reports ‘Subject to the particular facts of a case of misdirected corporate funds or property received by a third party, a claimant in Australia may be well-advised to plead an orthodox property law claim separately …
Continue reading "Equity: Fiduciary failings"
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In his concluding article Sukhninder Panesar examines the impact of Sinclair Investments Holdings SA v Versailles Trade Finance Ltd & ors ‘Despite the decision of the Privy Council in Reid, there was a considerable body of academic opinion that suggested that a claimant’s right to trace property in equity depended not only on the finding …
Continue reading "Equitable Tracing: A change in English law"
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In the first of two articles, Sukhninder Panesar discusses different approaches to equitable tracing in light of the Court of Appeal decision in Sinclair ‘Until the decision of the Privy Council in AG for Hong Kong v Reid [1994], English law had argued that the right to assert equitable ownership over unauthorised gains in the …
Continue reading "Equitable Tracing: Proprietary base needed?"
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