Abstract
The question whether a gain received by a fiduciary in breach of duty is held by him on constructive trust for his principal from the moment of its receipt was answered by Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd [2012] Ch 453, where the Court of Appeal (declining to follow a decision of the Privy Council) held that a proprietary remedy was not available. This decision was examined in a special issue of Trusts & Trustees (Vol. 18, No. 10, November 2012). The question is going to be finally answered—providing welcome clarification—by the Supreme Court in FHR European Ventures LLP and other companies v Mankarious and other companies at a hearing listed to commence on 17 June 2014. This article looks at the background of the Sinclair and Mankarious cases and the issues facing the Supreme Court.
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