Restitution, proprietary claims and tracing

This overview is a guide to the Banking & Finance content within the Restitution, proprietary claims and tracing in a banking context subtopic, with links to the appropriate materials.

What is restitution?

Restitution in English law is a remedy that aims to restore to an innocent party the gains that someone else has obtained from him.

Restitution can be divided into two distinct categories (Sempra Metals Ltd v HMRC):

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restitution for unjust enrichment, and
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restitution for wrongdoing

Unjust enrichment

There are numerous situations in which a claim for unjust enrichment can be made including where a claimant has:

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paid the defendant money by mistake
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discharged a debt on behalf of another at the other’s insistence
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done work or provided goods to another where there was no contract
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rescinded an agreement or had an agreement rectified, but, as a result, money or assets wrongly remain in the hands of the other party

There are four basic elements to any claim for unjust enrichment:

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