Accountancy Newsletter July 2016

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Accountancy Newsletter July 2016

Published On: 21 March 2016


Accountants defeat 'opportunistic' professional negligence claim

Acceleration of the new criminal offence for corporates failing to prevent tax evasion

Auditors ordered to disclose confidential documents in unfair prejudice dispute

Barclays Trust Company (Jersey) Ltd & others v Ernst & Young LLP (2016)

The High Court firmly rejected a claim against Ernst & Young LLP (EY), in which it was alleged that EY had been negligent in due diligence performed on behalf of its purchaser client.

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On 11 April 2016, David Cameron announced that the government "will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable".


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In Destiny Investments (1993) Ltd and another v TH Holdings Ltd and another [2016] the High Court granted a third party disclosure order requiring auditors of a company to disclose confidential client documents relevant to a dispute between shareholders.


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Accountants as aggregators of data - Evading a Cyber Attack

Trustees in Bankruptcy should beware the pitfalls of ignoring legal professional privilege

Brexit: the implications for businesses and their professional advisors

Professional services firms, including accountants, are high risk targets as they act as “aggregators” of sensitive information and cyber risk and incidents remain a regular feature in news headlines around the world.  This is most recently illustrated by the colossal breach of the IT systems of Panamanian law firm Mossack Fonseca (see our article on the Panama Papers for more detail of this). The threat is so wide ranging that tackling the subject and deciding how to mitigate the risk can be a real challenge for professional service firms, including accountants.

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Shlosberg v Avonwick Holdings Ltd & Ors [2016] EWHC 1001

Law firm Dechert LLP has been ordered to cease acting for the principal creditor of bankrupt Russian businessman, Mr Shlosberg, because it also acted for the trustees in bankruptcy, and accordingly had had access to documents subject to Mr Shlosberg's legal professional privilege.

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The UK has voted to leave the European Union. This briefing provides a summary of the current legal, political and commercial position for businesses and their professional advisors.

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