John Machell QC and Jennifer Haywood examine the remedy of forfeiture of trustees‘ remuneration ‘A trustee who places themselves in a position of conflict, accepts a secret profit or completely abrogates their duty to protect the trust assets may be at risk of having to repay their remuneration/fees.‘ Case law provides us with examples of …
Continue reading "Fiduciary duties: A third way?"
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Wills & Trusts Law Reports | November 2014 #144Mr Mikhaylyuk (M), a manager for the first respondent, NOUK, with responsibility for negotiating the charters of vessels owned by companies within the Novoship group, the remaining respondents, owed fiduciary duties to all the respondents. M had arranged a series of schemes by which he defrauded his principals and enriched himself and others by the payment of bribes given to him by those who chartered his principals’ vessels. These schemes included one concerning vessels chartered to companies owned and controlled by Mr Ruperti (R) which R then sub-chartered at substantially higher rates...
Anthony Woolich, Simon Burden and Jaime van der Eb consider the implications of the Bribery Act and the Proceeds of Crime Act for the ‘innocent’ company ‘A contract that has been entered into because of the payment of a bribe is not automatically void.’The Bribery Act 2010 came into force on 1 July 2011. Readers …
Continue reading "Contract: Return to sender"
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