Archive for the 'fiduciary duty' Category

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

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.

Progress Property Co Ltd v Moore and another – WLR Daily

Progress Property Co Ltd v Moore and another [2009] EWCA Civ 629; [2009] WLR (D) 214

“The sale of a company’s assets at an under value by a company having control of selling and buying companies did not make the sale a dressed up unlawful distribution of its assets or ultra vires the company if the person arranging the sale honestly believed the transaction to be other than a gratuitous distribution of the company’s assets to shareholder, even though that person was the director of the selling and buying companies.”

WLR Daily, 29th June 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.

Imageview Management Ltd v Jack – Times Law Reports

Imageview Management Ltd v Jack

Court of Appeal

“An agent who made a secret deal with his principal’s employer breached his fiduciary duty to his principal, forfeited his agency fee and had to account for the secret profit.”

The Times, 24th March 2009

Source: www.timesonline.co.uk

Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.

Airtime reseller had no duty to sue O2, rules High Court – OUT-LAW.com

“A mobile phone airtime reseller did not have a legal duty to take network O2 to court on behalf of a company which had sold it its subscriber base, the High Court has said. The Court said the claim was based on a mistaken interpretation of a contract.”

Full story

OUT-LAW.com, 4th March 2009

Source: www.out-law.com

Imageview Management Ltd v Jack – WLR Daily

Imageview Management Ltd v Jack [2009] EWCA Civ 63; [2009] WLR (D) 56

“An agent when negotiating with another person on behalf of his principal breached the fiduciary duty which he owed to his principal if at the same time he made with the other person an undisclosed side deal for his own benefit and there were a real possibility of conflict of interest. In such a case the agent was required to account to the principal in respect of the secret commission so received and was not entitled to receive any agency fees from the principal.”

WLR Daily, 17th February 2009

Source: www.lawreports.co.uk

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


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