Fiduciary duties meaning

In this issue: Horizon scanning Directors Status and worker categories Cross-border, international and jurisdictional issues Recruitment Protected characteristics Prohibited Conduct (discrimination etc) Diversity and gender pay gap Maternity, parents and carers Financial services and banking: employment issues Data protection and employee information Bribery, modern slavery, tax evasion and fraud Employment Tribunals Scotland Ireland LexTalk®Employment: a Lexis®Nexis community Dates for your diary Trackers New Q&As Employment resources on Lexis+® Daily and weekly news alerts Horizon scanning BTC launches call for evidence on Employment Rights Bill The Business and Trade Committee (BTC) has opened its first request for evidence for a new inquiry into the Employment Rights Bill (ERB). The inquiry will collect written and oral submissions to steer the Bill’s subsequent passage through Parliament and to gauge whether it is set to meet its stated aims. Written evidence should be submitted by Friday...

In this issue: Horizon scanning Worker status and categories Immigration Pay Remuneration Taxation Diversity and the gender pay gap Maternity, parents and carers Whistleblowing Data protection and staff information Confidentiality, obligations and restrictions: enforcement Financial services and banking: employment matters Bribery, modern slavery, tax evasion and fraud Issues arising on termination Employment Tribunals Civil courts and alternative dispute resolution Dates for your diary Trackers Employment resources on Lexis+® LexTalk® Employment: a Lexis®Nexis community Daily and weekly news alerts Horizon scanning Updated Employment Rights Bill to be considered by the House of Lords The updated Employment Rights Bill (ERB), transmitted from the House of Commons to the House of Lords, was issued on 14 March 2025. Its second reading in the House of Lords is scheduled for 27 March 2025...

In this issue: Advertising, marketing and sponsorship Agency and distribution Consumer protection Contracts Contractual joint ventures International Daily and weekly news alerts Dates for your diary Trackers New and updated content Advertising, marketing and sponsorship ASA rulings—19 March 2025 A single complaint was made to the Advertising Standards Authority (ASA) about Haven Leisure Ltd’s claims on holiday pricing. The ASA upheld the complaint. See: LNB News 19/03/2025 11. Agency and distribution Recovery Partners GP Ltd v Rukhadze [2025] UKSC 10 The Supreme Court dismissed the appellants’ appeal against an order to account for profits earned in breach of duty; they were employees of the respondent companies and owed fiduciary duties. The court affirmed strict adherence to the fiduciary ‘no profit’ rule, rejecting arguments for a ‘but for’ causation test and for counterfactual enquiries into whether the gains could have been authorised if consent had been sought. See: Recovery Partners GP...

This Practice Note on economic torts This note summarises, at a high level, the key differences when pursuing claims for lawful means conspiracy, unlawful means conspiracy, the tort of unlawful interference, and procuring a breach of contract. Practice Notes: Civil conspiracy claims (economic tort) Lawful means conspiracy (civil action) Unlawful means conspiracy (civil action) Economic tort of unlawful interference The tort of procuring a breach of contract Closely connected to procuring a breach of contract is the so‑called ‘Marex tort’, a cause of action founded on an alleged deliberate infringement by the defendant of the claimant’s rights in a judgment debt; see Practice Note: The Marex tort (interference with a judgment debt). These claims may (though need not) involve a fiduciary or agent, including company directors. For further guidance, see: Claims against directors—key considerations for dispute resolution practitioners Agency disputes Fiduciary Duties Fiduciary duties—remedies for breach Such causes...

The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 set out a refreshed framework for taking decisions across all insolvency processes. The granular rules on decision-making are contained in IR 2016, SI 2016/1024, Pt 15. This Practice Note addresses the practical steps for forming a liquidation committee and explains the general creditors’ decision-making in liquidation. In reality, a liquidation committee carries considerable weight where cases are sizeable and complex. The liquidation committee Liquidators must obtain decisions by deemed consent or through a qualifying decision procedure. Physical meetings are permissible only when the relevant minimum number of creditors so request under section 246ZE of the Insolvency Act 1986 (IA 1986), though creditors may call for one before the notice of deemed consent or qualifying decision procedure is sent. In a creditors’ voluntary liquidation, creditors will be asked to determine if a liquidation committee should be created and to put forward nominees for committee membership at the same time as the directors seek their nomination of a liquidator,...

This Practice Note sets out the offences of fraud by failing to disclose and fraud by abuse of position under sections 3 and 4 of the Fraud Act 2006 (FrA 2006). Each is a means by which the general fraud offence in FrA 2006, s 1 can be committed. These offences are most often brought against professionals, fiduciaries, or those in positions of trust, or with a fiduciary relationship to the victim. Fraud by failure to disclose information An offence of fraud by failing to disclose is made out where a defendant: dishonestly withholds information from another when under a legal duty to reveal it, and intends to secure a gain for themselves or someone else, or intends to cause another a loss, or to expose them to the risk of loss Conduct falling within this description constitutes the general fraud offence under FrA 2006, s 1. The emphasis is on the defendant’s conduct and intention; it does not matter...

1 Introduction 1.1 This document explains our policy for spotting and managing conflicts of interest, alongside confidentiality and disclosure matters within our practice. 1.2 Our duty to address conflict, confidentiality and disclosure may variously arise from: 1.2.1 regulatory obligations, eg within the Solicitors Regulation Authority (SRA) Codes of Conduct; 1.2.2 legal obligations, eg the general law concerning our responsibilities to clients (often called fiduciary duties); 1.2.3 contractual obligations, eg particular conflicts and confidentiality clauses in agreements we have made. 1.3 In summary, the aims of this policy are to: 1.3.1 outline clearly our duties, and those of people working on our behalf, regarding conflicts of interest, confidentiality and disclosure; 1.3.2 give information and practical guidance on identifying and effectively managing issues of conflict, confidentiality and disclosure...

INSOLVENCY ACT APPLICATION NOTICE Use with an application notice complying with Insolvency (England and Wales) Rules 2016, SI 2016/1024—see Form IAA (IR 2016, r1.35 VAR) and corporate insolvency application notice. Case No: [insert]. Court: High Court (Business and Property Courts—Insolvency and Companies List (ChD)) or County Court at [insert]. Between [Applicant(s)] and [Respondent(s)]. Matter: [company] and the Insolvency Act 1986. Under s212 Insolvency Act 1986. Applicant(s): [names/addresses]. Respondent(s): [names/addresses]. Heard by [judge level] at [court/hearing centre]. Within existing proceedings? YES/NO. Court ref: [insert]. Declaration that Respondent(s) breached fiduciary/trust/statutory duties by causing or permitting the Company to [details]. Order that Respondent(s) [jointly and severally] account to Applicant(s) (liquidator(s)) for [sum], or as the Court thinks fit. Alternatively, equitable compensation/damages of [sum], or as the Court decides. Interest in equity or under s35A Senior Courts Act 1981 at rate and period the Court thinks fit. Costs of and incidental to this application. Further or other relief as the Court thinks fit....

This paper offers broad guidance on certain key considerations when pursuing an administration action of this nature. Your dedicated Private Client specialist can provide bespoke advice tailored to your particular circumstances and needs. What is an administration action When beneficiaries of an estate are worried that the personal representatives (the executors or administrators) are not managing the estate correctly, they will want guidance on the options available rather than standing by as matters worsen, with the potential for significant financial and avoidable loss to the estate’s value and their inheritance, over time. A personal representative can be liable for wasting the estate, or for breaching their duties. The personal representatives have an obligation to call in the deceased’s estate, settle the deceased’s liabilities and distribute the remainder of the estate (after deduction of all tax and administration expenses) in accordance with the terms of the Will or the intestacy rules. An administration action is a claim brought against the personal representatives for a failure to administer the estate...