Abstract
This article considers the protection afforded to unsecured creditors in the context of equitable proprietary remedies. First, it argues that recent attempts to cater for hypothetical unsecured creditors when formulating a general rule are unprincipled and result in the interests of other innocent third parties being overlooked. Secondly, it is argued that the best way to accommodate third-party concerns in the context of fiduciary wrongdoing is through the exercise of remedial discretion. Such a framework would match the approach taken to discretionary considerations in the context of other equitable remedies such as injunctions and specific performance.
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