Podcast Location:
Download it here [file size: 19.4 MB]
Corporate & Commercial Law
Insolvency & Restructuring
Litigation & Dispute Resolution
Fraud, Financial Crime & Anti-Money Laundering
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)

  • 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 those interested in the interface between commercial law, insolvency and personal and proprietary remedies against default fiduciaries such as directors and trustees. It aims to explore some of the key findings in a recent Court of Appeal decision following the collapse of a fraudulent ‘ponzi scheme’. The podcast will also explore some of the more difficult aspects of the case including its apparent conflict with long established principles in the Privy Council case of AG for Hong Kong v Reid.

After completing the course you will:
  • Understand the complex facts in Sinclair v Versailles;
  • Understand the key issues in the case;
  • Be aware of the findings in the High Court and Court of Appeal;
  • Understand the impact the case has on domestic authority on the ownership in a bribe or secret commission obtained by a fiduciary;
  • Understand the significance of as to whether the property subject to a proprietary claim can be traced back to the principle or whether it is ‘new’;
  • Be aware of the importance the fiduciary’s insolvency has in any analysis;
  • Be aware of how the Court of Appeal’s decision interacts with the Privy Council authority and what this means going forward.
General Interest Difficulty: 2 of 5
Case Update
Legal Principles
Sources and References:
  • Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd [2011] EWCA Civ 347;
  • Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd & Ors [2010] EWHC 1614 (Ch);
  • Attorney-General for Hong Kong v Reid [1994] 1 AC 324;
  • Paragon Finance plc v D B Thakerar & Co [1999] 1 All ER 400;
  • Foskett v McKeown [2001] 1 AC 102;
  • Cadogan Petroleum Plc & Ors v Tolley & Ors [2011] EWHC 2286 (Ch);
  • Keech v Sandford [1726] EWHC Ch J76;
  • Dubai Aluminium Co Ltd v Salaam [2002] UKHL 48;
  • Carl-Zeiss Stiftung v Herbert Smith & Co. (No 2) [1969] 2 Ch 276;
  • Re Nisbet and Potts' Contract [1906] 1 Ch 386;
  • Eagle Trust plc v SBC Securities Ltd [ 1993] 1 WLR 484;
  • United Mizrahi Bank v Doherty [1998] 1 WLR 435.

This podcast with Chancery silk Richard Morgan QC of Maitland Chambers explores the Court of Appeal decision in Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd [2011] EWCA Civ 347 and its impact on the law concerning proprietary and personal remedies against the misappropriation or misdirection of assets by a fiduciary.

Podcast added: 02/12/11

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