Business crumbles as Chartered Accountant stumbles
A reputable Chartered accountant in North East London has been ordered to pay damages as a result of a Professional negligence claim brought against him by a young Entrepreneur branching out a new venture.
The 52 year old male, who has managed accounts for several large enterprises has been ordered to pay damages as his acts of negligence substantially contributed to a new, upcoming company being forced into insolvency
The defendant had been recommended to the claimant by a family friend, and had held himself out as experienced in the field of start up companies. In the event it had transpired that he had no experience in this area and furthermore he had delegated his duties to unqualified employees, resulting in significant financial loss to the claimant.
The Court held that "the defendant had been entrusted with the financial responsibility of this new venture and as a professional he held a duty of care to the claimant, he consciously and out rightly breached his duty of care which is categorically unacceptable'
Updated on 10/4/2011