acting on his own behalf, and has received permission to do so, the property would not have been held on constructive trust. The third issue is who does the fiduciary owe duties to. In Boardman the case was concerning a trust, and it was held that the duties were towards the beneficiaries. Section 170 of the Companies Act 2006 provides that in situations concerning companies, the duties of the directors and other fiduciaries are to that company. Where a fiduciary has made unauthorised profits, the remedy is for those profits to be held on constructive trust. If that profit is no longer available, the fiduciary is "liable to account" to the beneficiaries. In Sinclair Investment Holdings SA v Versailles Trade Finance (No. 3), Rimer J explained that this meant the beneficiaries acquire rights over those profits, and the trustee must pay that money or the money's worth back to the beneficiaries. If the profits are mixed with other money or used to purchase property, the beneficiary may trace that property and claim it. Further expansion of the principle was later given in FHR European Ventures LLP v Cedar Capital Partners LLC. Constructive trusts relating to property Many constructive trusts relate to the transfer of property. Those trusts over homes are known as trusts of common intention, and relate exclusively to family homes. In Lloyds Bank v Rosset, the House of Lords set out the circumstances in which a trust of common intention can arise. Firstly, where the parties demonstrate that there was an agreement formed before the acquisition of the property. Secondly, where the parties contribute to the purchase price or mortgage payments and therefore practically demonstrate a common intention to claim an equitable interest; this second form is similar to one form of resulting trust Common intention trusts grant a claimant an equitable right to the home, calculated as a proportion of the total value that corresponds to their financial contributions. The second occasion on which a constructive trust may arise over property is where a piece of property is sold or transferred. The contract transfers the equitable interest from the original owner to the other party, which takes place through a constructive trust. This originated with Chinn v Collins, where it was decided that the creation of such a contract automatically passes the equitable interest to the buyer, assuming the contract can be completed. Until it is completed,