Joint ventures and implied fiduciary duties
By Alex Barker and Nick Cook
The Court of Appeal has confirmed for the first time that a joint venture arrangement can give rise to an implied fiduciary duty owed by the director of one joint venture partner to another partner.
In Ross River Ltd and anor v Waveley Commercial Ltd and ors  EWCA Civ 910, the claimants entered into a joint venture agreement with the first defendant, Waveley Commercial Ltd (WCL), to develop property in Bedfordshire. Under the terms of the agreement, the claimants were to provide finance for the development. Mr Barnett and Mr Harney (the second and third defendants) owned WCL and were more personally involved in the development on a day-to-day basis than the claimants.
After a few years, the claimants became suspicious of WCL, particularly in respect of several large payments they were making to third parties. The development appeared to be progressing slowly and in February 2009 proceedings were issued against WCL, Barnett and Harney…
If you are registered and logged in to the site, click on the link below to read the rest of the Goodman Derrick briefing. If not, please register or sign in with your details below.
News from Goodman Derrick
Briefings from Goodman Derrick
The Court of Appeal delivers an important decision in the turbulent area of relief from sanctions for non-compliance with court rules or orders.
The Inheritance and Trustees’ Power Bill received royal assent on 14 May to become the Inheritance and Trustees’ Power Act 2014.
Analysis from The Lawyer
Active financial management is vital, but with firms looking more closely at the process of debt and fee collection, the personal touch still counts
The lure of the law can kick in at any stage of life. We speak to four individuals who have made a radical switch to a legal career