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.
