Abstract
As a remedial constructive trust is not recognized in English law, an application for the misuse of money was dismissed in the English Chancery Division. The claimant advanced funds to one of the defendant companies on the recommendations of an adviser who had received assurances from the defendants that the responsible person would personally ensure the claimant's money was used for particular transactions. This was not the case. The money was transferred between bank accounts of the defendants which had the effect of falsely inflating their turnover and profits. When this was discovered the defendant went into receivership. Action was brought against them and the receivers, the second and third defendants, who entered into a series of settlements and received £5.2 million from the sale of property by one of the defendants. The claimant then sought a declaration that the proceeds of the sale were held on constructive trust for...
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.