UK: England and Wales: conflicts of interest and joint venturers

The High Court decision Daniels v Deville [2008] EWHC 1810 (Ch) contains some interesting points on the duties of joint venturers. The trial judge, Lindsay J., held that a participant in a joint venture owed an implied duty of good faith. The judge also held that an implied duty was owed under which no joint venture vehicle (or participant) should place itself (or himself) in a position in which its (or his) duties to the other joint venturers would conflict with its (or his) own interests.  This said, the judge proceeded to hold, on the basis of the facts before him, that these duties did not preclude the participators from competing with the joint venture.  Lindsay J. also declined to imply a duty under which the participators owed a duty to disclose to each other information concerning business opportunities of which they were aware and which were suitable for exploitation by the joint venture.  Lindsay J's discussion of these points is at paras. 114-118 of the judgment.