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CMS Dolphin Ltd v Simonet

[2001] EWHC Ch 415

Case summary last updated at 22/01/2020 18:32 by the Oxbridge Notes in-house law team.

Judgement for the case CMS Dolphin Ltd v Simonet

Two people formed advertising agency. D resigned as director and set up rival business, which proceeded to poach all of former company’s staff and clients. However by time of court case, new company was insolvent; thus issue was whether former company could claim account of profits from defaulting director himself. Held:
 
·       D took corporate opportunities from former company
·       These opportunities were ‘property’ of former company.
Ø  Thus trustee-type remedies follow.
·       D is jointly liable with insolvent company for profits.
Ø  Even though the profits had been paid directly to insolvent company.

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