An irrevocable authority and direction by a debtor to pay a creditor from the proceeds of sale of specific property, given for valuable consideration, creates a valid equitable assignment of part of those proceeds, such that the debtor holds the relevant proceeds on trust for the creditor immediately upon their coming into existence. However, a claim against a solicitor for knowingly assisting the debtor's breach of fiduciary duty under the second limb of Barnes v Addy requires specific pleading of dishonesty and fraud by the debtor and knowledge by the solicitor; failure to plead these elements is fatal even where the evidence would support such inferences.
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