Fiduciary duties arising from an informal joint venture survive the termination of the venture where the departing venturers' departure was prompted by a wish to seize the venture's commercial opportunity for themselves. Where the aggrieved party delays nearly two years before asserting its claims, an account of all profits is inappropriate and equitable compensation calculated by reference to the original profit-sharing proportions is the proper remedy. A caveat lodged to protect interests claimed in consequence of a serious dispute over fiduciary duties is not lodged 'without reasonable cause' under s 118 of the Transfer of Land Act 1958 (Vic) merely because the caveator company is ultimately found to have no caveatable interest of its own, where its directors had reasonable grounds for supposing they were entitled to equitable relief.
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