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Insolvency & Restructuring
CPD Points:
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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
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Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
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  • FREE
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Course Aims:

This podcast is aimed at practitioners interested in the misappropriation of assets by fiduciaries and the proprietary and personal claims that can subsequently arise and their significance in the context of insolvency and recovery proceedings.

After completing the course you will:
  • What is meant by ‘fraud’;
  • The key differences between proprietary and personal remedies and the significance of that distinction;
  • The circumstances in which a proprietary remedy can arise;
  • Understand the likely impact of the recent decision in Sinclair v Versailles (2011);
  • Know against whom a proprietary remedy can be sought;
  • Understand the circumstances in which a claim for knowing receipt or dishonest assistance will arise and the differences between these causes of action;
  • Be aware of the role of freezing orders in this area as a tool to recover or impound property;
  • Understand the difference between tracing and following and the limitations of these legal mechanisms as a means to identify and recover property subject to a trust;
  • Understand the role of the trustee holding property tainted by an allegation of fraud.
Complex Difficulty: 4 of 5
Legal Principles
Practical Guide
Sources and References:
  • Sinclair Investments v Versailles Trading Finance [2011] EWCA Civ 347;
  • Attorney General for Hong Kong v Reid [1994] 1 AC 324;
  • Barnes v Addy (1874) LR 9 Ch App 244;
  • Twinsectra v Yardley [2002] 2 All ER 377;
  • Insolvency Act 1986 s 423;
  • Barlow Clowes v Eurotrust [2006] 1 All ER 333;
  • Re Polly Peck International plc (in administration) (No 2) [1998] 3 All ER 812;
  • Lister v Stubbs (1890) 45 Ch D 1;
  • Attorney General (Hong Kong) v Reid [1993] 3 WLR 1143;
  • JD Wetherspoon plc v Van de Berg & Co Ltd and others [2009] EWHC 639 (Ch);
  • BCCI v Akindele [2001] Ch 437;
  • Paragon Finance Plc v D B Thakerar & Co [1997] EWCA Civ 2470;
  • Pulvers (a firm) v Chan and others [2007] EWHC 2406 (Ch).

In this podcast commercial Chancery silk Catherine Newman of Maitland chambers discusses the implications for fiduciaries engaged in fraud, misfeasance and the misappropiration of assets.

Podcast added: 20/10/11

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