Insights & News

Limited partnerships: litigation following dissolution and winding up

30 November 2023

A decision has been taken to wind up a limited partnership - that heralds the end for all concerned… or does it? Can a cause of action which accrued pre-dissolution be litigated by the general partner post-dissolution following the apparent winding up of the limited partnership? The High Court (at least on an interim basis) has said, yes.

Innocent partners may not be liable for losses caused by the fraudulent conduct of rogue partners

28 July 2021

In July 2021 the Court of Appeal held that innocent partners in a firm of solicitors are not always liable to former clients of the firm for losses caused by the acts of a fraudulent partner[i].

Andrew Wanambwa writes for Accountancy Daily: Section 2 notices raise risk level for accountants

Press

18 March 2019

Professional services firms, requests for documents and Section 2 notices under Criminal Justice Act 1987 could pose a risk for accountants and auditors as illustrated in the recent Omers case at the High Court, explains Andrew Wanambwa, in an article for Accountancy Age.

Supreme Court decision on professional negligence and loss of chance: Perry v Raleys Solicitors

21 February 2019

The Supreme Court has upheld the appeal of a firm of solicitors defending a professional negligence claim and helpfully reiterated well-established principles about the approach the court must take when considering the issue of causation in loss of chance cases. The decision clarifies what has to be proved in cases where the question for the court depends on what: (a) the claimant would have done (which the claimant must prove to the usual standard ‘on the balance of probabilities’); compared with (b) what others would have done (which are better assessed on a loss of chance basis).

Fraser McKeating writes for Accountancy Age: Professional privilege and investigations – what do accountants need to know?

Press

26 November 2018

In an article for Accountancy Age, Fraser McKeating explains how the law of privilege operates in the context of investigations.

The regulator and the right of reply: two recent cases involving the Financial Reporting Council

Case Study

29 October 2018

The Financial Reporting Council (FRC) is the regulator for UK statutory audits. Its responsibilities include setting audit standards, as well as enforcing the quality of audit. It is the investigative and disciplinary body for UK accountants dealing with cases affecting the public interest. FRC investigations naturally focus on those under its jurisdiction, such as its member accountancy firms and individual auditors. Sometimes, however, the conduct of the audited company and its managers will also be relevant. Two recent cases have discussed the duties owed by the FRC to these entities. The cases will be relevant to other regulators.

Two wrongs don’t make a right: Court of Appeal decides illegality is no defence to professional negligence claim

16 October 2018

For public policy reasons, the Court of Appeal has held that the defence of illegality was not available to a firm of solicitors that failed to register a property transfer to a client involved in mortgage fraud. The court decided that there was no risk that enforcing the client’s negligence claim would undermine the integrity of the justice system and she was entitled to damages, in spite of the fraud.

Fergus Payne writes for Accountancy Age: LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Press

15 December 2017

In an article for Accountancy Age, Fergus Payne discusses why and how do accountancy firms set up or convert to an LLP, and will LLPs continue to be the preferred set-up in the future?