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Akita Holdings Limited (Appellant) v The Honourable Attorney General of The Turks and Caicos Islands (Respondent) (JCPC 64 of 2016) [2017] UKPC 7 (27 March 2017)

Akita Holdings Limited (Appellant) v The Honourable Attorney General of The Turks and Caicos Islands (Respondent) (JCPC 64 of 2016) [2017] UKPC 7 (27 March 2017)
Citation
Akita Holdings Limited (Appellant) v The Honourable Attorney General of The Turks and Caicos Islands (Respondent) (JCPC 64 of 2016) [2017] UKPC 7 (27 March 2017)
Media Neutral Citation
[2017] UKPC 7
Court
Judicial Committee of the Privy Council
Case number
JCPC 64 of 2016
Judges
Lord Carnwath, Lord Neuberger, Lord Reed, Lord Kerr, Lord Sumption
Judgment date
27 March 2017
Language
English
Summary
A knowing recipient of undervalued property may be treated as constructive trustee and must account for profits, not just the undervalue.
Flynote
Equity – Knowing receipt – Requirements: disposal in breach of fiduciary duty; recipient’s beneficial receipt of assets traceable to that disposal; recipient’s knowledge – El Ajou/Arthur applied. Constructive trust – Land acquired at undervalue may be treated as trust asset; recipient liable to account. Account of profits – Liability arises from making a profit in breach of fiduciary duty, not from proof of loss or causal link to specific profits. Proprietary v personal remedies – Both available; claimant not confined to monetary undervalue
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A knowing recipient of undervalued property may be treated as constructive trustee and must account for profits, not just the undervalue.
Flynote
Equity – Knowing receipt – Requirements: disposal in breach of fiduciary duty; recipient’s beneficial receipt of assets traceable to that disposal; recipient’s knowledge – El Ajou/Arthur applied. Constructive trust – Land acquired at undervalue may be treated as trust asset; recipient liable to account. Account of profits – Liability arises from making a profit in breach of fiduciary duty, not from proof of loss or causal link to specific profits. Proprietary v personal remedies – Both available; claimant not confined to monetary undervalue
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