This appeal concerns the amount of damages recoverable by a lender from a negligent firm of accountants who failed to do a proper exercise of due diligence on the borrower to whom the money was lent. The majority of the loan was repaid by utilising money lent to the borrower by the owner of the lending company. Rose J has held that that repayment was a collateral matter which did not go to reduce the damages recoverable from the negligent accountants.
Held: (Majority) The judge had been right to regard the later refinancing as res inter alios acta. It did not therefore affect the amount of Swynson’s recoverable loss.
Judges:
Longmore, Davis, Sales LJJ
Citations:
[2015] EWCA Civ 629, [2015] PNLR 28, [2016] 1 WLR 1045, [2015] 2 CLC 102, [2015] WLR(D) 278
Links:
Jurisdiction:
England and Wales
Citing:
See Also – Swynson Ltd and Another v Lowick Rose Llp ChD 30-Jun-2014
The claimant said that it had received negligent advice from the defendant accountants in its financing of the purchase of a company in the US. After the company fell into difficulties, further advances were made. The parties disputed the . .
Cited by:
Appeal from – Lowick Rose Llp v Swynson Ltd and Another SC 11-Apr-2017
Losses arose from the misvaluation of a company before its purchase. The respondent had funded the purchase, relying upon a valuation by the predecessor of the appellant firm of accountants. Further advances had been made when the true situation was . .
Lists of cited by and citing cases may be incomplete.
Damages, Professional Negligence
Updated: 25 November 2022; Ref: scu.549462
