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Company Law

Analysis - guidance - compliance

28 JAN 2014

PENNYFEATHERS LTD AND OTHERS v PENNYFEATHERS PROPERTY COMPANY LTD AND OTHERS [2013] EWHC 3530 (Ch)

Chancery Division

Rose J

19 November 2013

The company directors were liable for breach of their fiduciary duty on the basis that they diverted a corporate opportunity to themselves in circumstances where it could not be said that there was any informed consent,.

[1] This claim arises out of the proposed development of a large plot of land on the Isle of Wight, to the southeast of Ryde.  The land is known as Prestwood Grange Farm and Bartletts Green Farm (‘the Farm’) and comprises 76 acres.  The First Claimant (Pennyfeathers UK) was set up by the Second and Third Claimants (Mr Steer and Mr Taylor) to exploit the opportunity to develop the Farm.  The Claimants allege that the Second and Third Defendants (Mr Bowdery and Mr Attwell), at a time when they were directors of Pennyfeathers UK, acted in breach of their fiduciary duties towards Pennyfeathers UK by causing their company the First Defendant (‘Pennyfeathers Jersey’): 

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