The scope of fiduciary duties in a joint venture for property development extends to disclosing all information pertinent to maximising the development potential of the venture property, including information about the need to amalgamate with adjoining properties, even where the joint venture agreement is confined to a single property. A defaulting fiduciary cannot argue that the beneficiary would have declined to participate in the opportunity even with full disclosure ([name withheld] principle). The Court of Appeal endorsed the restitutionary approach to recipient liability under the first limb of Barnes v Addy, under which liability is strict subject to defences of bona fide purchase for value and change of position, though this was not strictly necessary for the decision.
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