From Jonathon Moore (Robert Stevens, 18 Jun 2004)

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Sender:	Robert Stevens
Date:	Fri, 18 Jun 2004 16:40:54 +0100
Re:	From Jonathon Moore

When directors of a company improperly transfer the company's assets, the company has traditionally been recognised as having a claim against the recipient for "knowing receipt".

Yes. This tradition is wrong. The assets received are not assets held on trust by the directors for the company. The defendant is not receiving trust property with knowledge or notice that it is trust property which is being transferred in breach of trust. It is the company, not a trustee, which is transferring the company's assets to the defendant. If the transaction which the company has entered into is set aside restitution follows. No issue of knowledge or notice arises.

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