A fiduciary duty is commonly owed by partners, directors, solicitors, trustees and agents. A fiduciary duty is a duty of trust and confidence and involves a party acting on behalf of another party. Some duties are imposed under statute such as director’s duties under the Companies Act whereas some arise under common law.
The most common breach arises from a breach of a director’s duties. Director’s duties are set out under Chapter 2 of Part 10 of the Companies Act 2006 and include duties to:
- Act within powers
- To promote the success of the company
- Exercise independent judgement
- Avoid conflicts of interest
- Not to accept benefits from third parties
- To declare interest in proposed transactions or arrangements
Whether you may facing a claim of breach of your fiduciary duty or seeking to bring a claim we can assist you in explaining your obligations, advising on consequences of the breach, advising on remedies (including voiding transactions) and dealing with indemnities and insurance.
Call us today to arrange a free consultation to see how our highly experienced commercial team can assist.