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.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Goodman Derrick
Briefings from Goodman Derrick
Do you have clients running out of space because they are storing too much of their customers’ unwanted property?
Commission, Parliament and Council reach concensus on some proposals.
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