This chapter examines the nature of fiduciary duties. They are difficult to define but include loyalty, acting in good faith and ensuring that there is no conflict of interest. This relationship arises where one person has undertaken to act for another. E.g. trustee and beneficiary, solicitor and client, and company director and board. Such relationships also arise where it develops from the nature of the duties owed such as the employer and employee relationship. Not all duties owed by a fiduciary are fiduciary in nature such as the duty of care owed by a solicitor to his client. The emphasis in this area of law is on the fact that a fiduciary cannot make a profit from his position and any profit will be owed to his principal e.g. a trustee must disgorge any profits made through his position as a director if the directorship is attributable to his trusteeship. The law does not differentiate between profits made in good faith and those made in bad faith. Much of the chapter concentrates on the question of bribes and opportunities that arise through the position of a fiduciary. The law is now settled that the principal can claim a proprietary remedy rather than a personal remedy which is relevant where a fiduciary is bankrupt as the principal will have the first claim to any funds held by the fiduciary.