Abstract
Abstract How do we reconcile the all-embracing remedy of the account of profits with the willingness to grant an equitable allowance to an errant fiduciary? Once again, the Court of Appeal in Recovery Partners GP Ltd v Rukhadze was confronted with the challenge of squaring this circle, ostensibly confining the equitable allowance to exceptional circumstances. However, a close analysis of Recovery Partners suggests that the Court is simultaneously emphasising the deterrent effect of the account of profits, whilst developing principles which operate to substantively limit the amount which a principal/beneficiary can recover from a defaulting fiduciary/trustee.
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