Global Energy Horizons Corporation v Gray [2015] EWHC 2232 (Ch) (28 July 2015)

Global Energy Horizons Corporation v Gray [2015] EWHC 2232 (Ch) (28 July 2015)

Mr Gray is liable to account for benefits received as a result of breaches of fiduciary duty, including indirect interests and arrangements relating to ultrasound technology, and must transfer assets held on constructive trust for GEHC.

Citation
[2015] EWHC 2232 (Ch)
Parties
Claimant: Global Energy Horizons Corporation; Defendant: Mr Robert Gresham Gray
Jurisdiction
England and Wales
Judgment Date
28 July 2015
Procedural Posture
Account and Enquiry Following Liability Judgment / Post Liability, Account of Profits and Enquiry Into Benefits
Outcome
Mr Gray is ordered to account for all benefits received directly or indirectly from breaches of fiduciary duty and to transfer assets held on constructive trust for GEHC.
Legal Topics
Breach of Fiduciary Duty, Constructive Trust, Account of Profits, Corporate Restructuring, Conflict of Interest
Equity Company Law Fiduciary Duties Breach of Fiduciary Duty Constructive Trust Account of Profits Corporate Restructuring Conflict of Interest

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Parties

Global Energy Horizons Corporation

Claimant

Mr Robert Gresham Gray

Defendant

Procedural Posture

Account and Enquiry Following Liability Judgment / Post Liability, Account of Profits and Enquiry Into Benefits

Legal Issues

  1. 1 Whether Mr Gray received benefits directly or indirectly as a result of breaches of fiduciary duty owed to GEHC
  2. 2 Whether Mr Gray holds assets on constructive trust for GEHC
  3. 3 Valuation of benefits received by Mr Gray

Ratio Decidendi

Mr Gray is liable to account for benefits received as a result of breaches of fiduciary duty, including indirect interests and arrangements relating to ultrasound technology, and must transfer assets held on constructive trust for GEHC.

Court Disposition

Mr Gray is ordered to account for all benefits received directly or indirectly from breaches of fiduciary duty and to transfer assets held on constructive trust for GEHC.

Orders

  • Enquiry as to arrangements providing benefits to Mr Gray
  • Transfer of assets determined to be held on constructive trust for GEHC