Andrew Bowen examines director's duties of 'No Conflict' and 'No Profit' in respect of quasi-partnership companies. Petitions brought under section 994 of the Companies Act 2006 (formerly s.459 of the 1985 Act) usually seek to enforce informal arrangements in such companies. In this article Mr. Bowen looks specifically at the case of Allied Business and Financial Consultants Ltd which emphasises the unforgiving nature of the 'No Conflict' and 'No Profit' rules. This article originally appeared in issue 105 of W. Greens Business Law Bulletin and is reproduced here with their kind permission.