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Accountants' Liability
Insurance

Accountancy newsletter - July 2019

Published 25 July 2019

DAC Beachcroft's Accountancy newsletter features topical news and insights for our clients and contacts.


Court of Appeal clarifies new test for dishonesty in accountant's accessory liability case. In a key decision of the Court of Appeal, an accountant was found to have dishonestly assisted breaches of trust and fiduciary duty in a very substantial fraud.	Plus ça change at the FRC? - the new accounting regulator starts to take shape Last year’s Kingman Report into the future of audit in the UK, and of the Financial Reporting Council (FRC) in particular recommended the replacement of the FRC with a new regulator – the Audit, Reporting and Governance Authority (ARGA).

Limitation and tax advice – not a simple matter of counting years A recent judgment in Evans v PricewaterhouseCoopers LLP [2019] considers the question of when a limitation period runs in circumstances where tax liability is contingent on a future event (in this case the decision of two separate tax authorities).	Notification of Circumstances under a Professional Indemnity Policy - the Court of Appeal clarifies the scope and effect of a "hornet's nest" notification Claims against professional advisors, such as accountants, auditors and tax consultants often take months and even years to develop and reach fruition and, in many cases, claims will disappear altogether after an initial grumble by a seemingly disgruntled client.

Can change of position defence defeat liquidators claims under Section 127? Section 127 of the Insolvency Act renders void any disposition of property by a company made in the period between presentation of the winding up petition and the making of a winding up order on that petition unless the court orders otherwise.	HMRC to be reinstated as "preferential creditor" Following a recent government consultation, new draft legislation is expected this summer which will render HMCRC as a "secondary preferential creditor" in insolvencies that commence on or after 6 April 2020.

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Authors

Richard Highley

London - Walbrook

+44 (0)20 7894 6470

rhighley@dacbeachcroft.com

Kevin Hawthorn

Bristol

+44 (0)117 918 2221

khawthorn@dacbeachcroft.com

Francesca Muscutt

London - Walbrook

+44 (0)20 7894 6189

fmuscutt@dacbeachcroft.com

Key Contacts

Richard Highley

London - Walbrook

+44 (0)20 7894 6470

rhighley@dacbeachcroft.com

Kevin Hawthorn

Bristol

+44 (0)117 918 2221

khawthorn@dacbeachcroft.com

Francesca Muscutt

London - Walbrook

+44 (0)20 7894 6189

fmuscutt@dacbeachcroft.com

Notification of Circumstances under a Professional Indemnity policy – the Court of Appeal clarifies the scope and effect of a “hornet’s nest” notification

By Francesca Muscutt

The recent Court of Appeal decision in Euro Pools Plc (In Administration) v Royal Sun Alliance Plc provided clarification on the scope and effect of an insured’s notification of circumstances…