Tracing money

Moriarty and another v Atkinson and others CA TLR 14 January

B A Peters plc sold boats both on its own account and as brokers for its clients and in the ordinary course of its business. The respondents paid to it £97,500 to hold on trust in a separate client account pending disbursal of the funds in the purchase of boats from the company. However in breach of its promise, the company paid most of the money into a deficit current account to be used to settle its debts and then went into liquidation. The respondents sought to trace their money.