“…The Court of Appeal took a similar view in Novoship (UK) Ltd v Mikhaylyuk [2014] EWCA Civ 908, [2015] QB 499 (“Novoship”). Longmore LJ, giving the judgment of the Court of Appeal, said that “[t]he nature of the liability … is that the … dishonest assist…”
“…ets of the [claimant]”. A defendant must have receivedtrust assets, not just benefited from them. As the Court of Appeal said in Novoship (UK) Ltd v Mikhaylyuk [2014] EWCA Civ 908, [2015] QB 499, at paragraph 89, “receipt of trust property is the gist of the action”. See too e.g. Satnam Investments Ltd v Dunlop Heywood & Co Ltd [1999] 3 …”
“…hristopher Clarke J (as he then was) in Novoship (UK) Ltd v Mikhaylyuk [2012] EWHC 3586 at paragraph 99. Novoship was another fiduciary case. It went on appeal [2014] EWCA Civ 908. There is some support for the same view at paragraph 77 of the judgment of the court, but this point was not addressed specifically in the appellate court.…”