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Regal (Hastings) Ltd v Gulliver [1967]

Facts

  • This case was heard in 1941, but not reported until 1967
  • Several directors and their solicitor each invested their own money into a cinema which was to be taken over, in order to prevent the cinema becoming insolvent
  • Following the takeover, the directors and the solicitor made significant personal profit, as did the cinema itself as a result of the investment

Issue

  • Were the directors and the solicitor liable to the new parent company for their personal profits

Decision

  • Directors yes, solicitor no

Reasoning

  • As agents of the business, the directors were liable for breaching their fiduciary duties without consent
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