Fraud does not ravel all: A Case Note on <i>Hotel Portfolio II UK Ltd v Stevens</i> [2025] UKSC 28

Abstract In this case, the Supreme Court held that a person who had dishonestly assisted a director in making and then dissipating unauthorised profits was liable to pay equitable compensation in a sum equivalent to the profits, even though the dishonest scheme as a whole had caused the company no loss. The decision contains an analysis of the nature of a constructive trust of unauthorised profits, further consideration of the remedy of equitable compensation, and the first-ever detailed examination of the principle that a trustee may not set off gains and losses arising out of multiple breaches of trust.