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CPD Course:
Recovering
Misappropriated Property
or its Proceeds:
The Principles of
Following and Tracing,
and the Liability of
Strangers to the Trust

Presented by
Prof. Steven Gallagher,
Associate Professor of Practice in Law,
Associate Dean (Teaching & Learning),
The Faculty of Law,
The Chinese University of Hong Kong

Recovering Misappropriated Property or its Proceeds: The Principles of Following and Tracing, and the Liability of Strangers to the Trust
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Code: EVT000000159 Level: Intermediate
Date: 25 October 2016 (Tuesday)
(Amended)
Language: English
Time: 09:30 - 12:45
(Reception starts at 09:00)
Accreditation(s): LSHK 3.0 CPD Points
(LSHK Allocated Number: 20163518)
Venue: Request for Rerun:
Please Contact Us for Details
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Presenter's Profile:
Prof. Steven Gallagher
Associate Professor of Practice in Law, Associate Dean (Teaching & Learning),
The Faculty of Law, The Chinese University of Hong Kong

Steven Gallagher was awarded a first class LL.B.  He was called to the Bar of England and Wales in 2006.  Steven has taught Equity and Trusts, Land Law and Company Law to undergraduates and International Corporate Liquidation and International Corporate Governance to postgraduates in England and Hong Kong.  Steven teaches the Equity and Trusts courses for undergraduate students, the Principles of Equity and Trusts course on the Juris Doctor course and, in 2013, introduced the Principles of Cultural Heritage Law course to the LLM programme at the Chinese University of Hong Kong.  Steven has presented continuing professional development courses for solicitors in Hong Kong on many topics associated with equity.  Steven’s research interests include equity and the law of trusts, cultural heritage law and legal history.

Course Outline:

This 3-hour seminar will examine the development of the evidential rules of tracing at common law and in equity and the potential liability of strangers to the trust or other fiduciary relationships.

The seminar will consider the process of tracing at common law and in equity and developments in this area since the case of Foskett v McKeown [2001] 1 AC 102 including the debate whether tracing is a process or remedy and whether the equitable rules of tracing should be available to trace assets misappropriated without breach of a fiduciary relationship.

The second part of the seminar will consider the potential liabilities of those who are not officially appointed as trustee but whose actions may make them liable in equity for any loss their actions may have caused the trust whether as trustee de son tort, their knowing receipt of trust property or by their assistance in a breach of trust.

The seminar will consider recent developments in recipient liability and accessory liability including the test for dishonesty in dishonest assistance, and the status of dishonest assisters and those in knowing receipt as trustees after the cases of Peconic Industrial Develoment Ltd v Lau Kwok Fai [2009] 2 HKLRD 537 and Williams v Central Bank of Nigeria [2014] UKSC 10.

Some of the topics considered in this seminar will be:

  • The processes of following and tracing at common law
  • The limitations of tracing at common law
  • The processes of following and tracing in equity
  • The 3 conditions for tracing in equity
  • The 5 principles for tracing in equity
  • The 5 limits to tracing in equity
  • The benefits of tracing in equity
  • Potential liabilities of third parties who intermeddle with the trust
  • The equitable rules on recipient liability (knowing receipt) and accessory liability (knowing or dishonest assistance)
  • Some of the problems for solicitors, bankers, accountants etc.
  • Some of the disputed issues in this area

This course is jointly provided in partnership with:  Kornerstone Limited
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