[2012] EWHC 1194 (Ch) [2012] EWHC 1194 (Ch)

Where a partner in a law firm had retired from the partnership and the retirement deed had provided for cross-releases of claims excluding “any claim for fraud”, the word fraud was to be construed in a sense which required dishonesty to be present so that it could apply to a dishonest abuse of fiduciary position.

The receivers’ primary duty was to try and bring about a situation where the interest on the secured debt could be paid and the debt itself repaid. Exploiting the vulnerability of a customer that sourced most of its parts from the company was doing just that and was acting properly.