Podcast Location:
Download it here [file size: 26.2 MB]
Part of:
Dealing with Team Moves by Partners & Senior Staff CPD Training Bundle
Categories:
Employment Law
Partnership Law
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast is aimed lawyers practising in a partnership or who advise on partnership law and fiduciary duties in an employment law context. It aims to provide the listener with an overview of the principal statutory and common law duties of partners, the duty not to profit, the duty of disclosure and the duty of good faith. It touches upon the limitations of these obligations and when they end in cases of dissolution and retirement and which (and to what extent) any of these duties may be excluded.

Outcomes:
After completing the course you will:
  • Know how fiduciary duties come to play a part in a partnership;
  • Know whether the same fiduciary duties apply to members of an LLP as they do to 1890 partnerships;
  • Know what is meant by the ‘no profit rule’;
  • Know to what extent a partner take up an opportunity with some connection to his firm;
  • Understand to what extent it is relevant whether an opportunity that comes to a partner’s attention is one that falls within the firm’s ordinary cause of business;
  • Understand the extent of a partner’s duty not to compete with their firm;
  • Know to what extent a partner is obliged to make disclosure of their breaches of duty and any private profit obtained from their position;
  • Understand the extent of a partner’s duty to disclose ‘personal’ matters to his professional colleagues if that may affect the firm;
  • Know to what extent a partner can be liable to his other partners for getting the firm into liability or going on a ‘frolic’;
  • Know to what extent a partner owes a duty of good faith when conducting themselves and activity within their firm;
  • Understand what it means to act in the best interests of the firm;
  • Know what happens to a partner’s fiduciary duty when a partnership is wound up or dissolved;
  • Know to what extent it is possible for members of a partnership or LLP to contract themselves out of their fiduciary obligations;
  • Know what remedies are available against partners who breach their duties, in particular restitution and accounts for profit and other non-financial remedies.
Level:
Intermediate Difficulty: 3 of 5
Classification:
Case Update
Legal Principles
Sources and References:
  • Partnership Act 1890 ss28-30;
  • Companies Act 2006 s994;
  • Limited Liability Partnership Act 2000;
  • Limited Liability Partnership Regulations 2001;
  • Aas v Benham [1891] 2 Ch 244;
  • Boghani v Nathoo [2011] EWHC 1101;
  • Cobbetts LLP v Hodge [2009] EWHC 786 (Ch);
  • Don King Promotions Inc v Warren [2000] Ch 291;
  • Dunne v English (1874) 18 Eq 524;
  • F&C Alternative Investments (Holdings) Ltd v Barthelemy & Anor [2011] EWHC 1731 (Ch);
  • Foster Bryant Surveying Ltd v Bryant & Anor [2007] EWCA Civ 200;
  • Attwood Holdings v Woodward & Ors [2009] EWHC 1083 (Ch);
  • Glassington v Thwaites (1823) 1 Sim & St 124;
  • John Taylors (A Firm) v Masons [2001] EWCA Civ 2106;
  • Kao Lee & Yip v Koo Hoi Ya [2003] WTLR 1283;
  • Murad v Al Saraj [2005] EWCA Civ 959;
  • QBE Management Services (UK) Ltd v Dymoke & Ors [2012] EWHC 80 (QB);
  • UBS Wealth Management (UK) Ltd v Vestra Wealth Llp [2008] EWHC 1974 (QB);
  • Trimble v Goldberg [1906] AC 494;
  • Walters v Bingham [1988] 1 FTLR 260;
  • Chirnside v Fay [2007] 1 NZLR 433.
Tags:

In this podcast with Jennifer Haywood of Serle Court, will look at the various fiduciary duties owed between members of a partnership and between an LLP and its members. This podcast examines the statutory and common law obligations amongst partners: not to make a secret profit, the duty for partners to make full and frank disclosure and the overarching duty of general good faith. It will look at the various limitations on these duties, in what circumstances they might be limited and the remedies that flow from their breach.

Podcast added: 21/03/2012

Start this CPDcast Activity

© CPDcast.com