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Accountancy Newsletter July 2016

Published 21 marzo 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. Read more	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". Read more	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. Read more
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. Read more	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. Read more	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. Read more

Authors

Richard Highley

London - Walbrook

+44 (0)20 7894 6470

rhighley@dacbeachcroft.com

Naomi Park

Leeds

+44 (0)113 251 4793

npark@dacbeachcroft.co.uk

Suzanne Wharton

Leeds

+44 (0)113 251 4775

swharton@dacbeachcroft.com

Hans Allnutt

London - Walbrook

+44 (0) 20 7894 6925

hallnutt@dacbeachcroft.com

Ross Risby

London - Walbrook

+44 (0)20 7894 6910

rrisby@dacbeachcroft.com