Claims for breach of fiduciary duty by directors are 'property' of the company capable of assignment by a liquidator under s 477(2)(c) of the Corporations Act, because the non-assignability of bare rights of litigation at common law rests on public policy relating to maintenance and champerty (which does not apply to liquidators), not on the non-proprietary character of such rights. The scope of fiduciary duties owed by directors is highly sensitive to the course of dealings between the parties, and an agreement between sole director-shareholders to separate their businesses is capable of modifying the content of fiduciary obligations otherwise owed to the company. Whether there exists a separate 'business opportunity rule' wider than the conflict and profit rules remains an open question.
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