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Cases we have handled

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Negligence of Reporting Accountants in a Bond Issue:

In 2008 we undertook a case on behalf of bondholders where there was clear evidence of negligence by the reporting accountants. In fact there was strong evidence that a Ponzi scheme had been operating whereby the proceeds of this particular bond issue were in fact used to bolster the under-recovery of an investment used to support a previous bond issue. The original assets were situated in the USA and had had been acquired in 1992, so the enquiries had to go back over nearly 16 years. The case is continuing. Re: EAG

Negligence of Trustees:

In 2007 we acted in a dispute concerning the beneficial ownership of a Guernsey trust. The ownership of the trust was a disputed asset in matrimonial proceedings and in our expert evidence we were able to demonstrate multiple failures by the Guernsey Trustees in properly accounting for the major trust asset which was property valued at nearly £3 million. Re F&F

Negligence of Accountants and Formation Agents

We acted for a retired airline pilot who had been defrauded of funds invested in a Guernsey based company. The professional negligence claim related to a conflict of interest where by a firm of local chartered accountants were also acting on a hidden basis for one of the other shareholders in our clients investment. Re IW

Negligence of Insolvency Practitioners:

In 2007 we acted as Accounting Experts in a claim arising in part from the Enron failure. Our client had been the owner of a business exploiting Coal bed and Coal Mine Methane in the UK. It had been funded by Enron, who held a fixed and floating charge. Due to Enron's failures it could not continue to fund the development and it sold its interest and assigned the charge. The new charge holder proceeded to appoint administrators who entered into a pre-pack deal whereby the assets were sold to a company controlled by the  former charge holder. Our client claimed that the assets, which were valued at around £200 million, had been sold at undervalue. Eventually the case was settled out of court and substantially based on our valuation of the assets plus demonstration that they had been sold at under-value. Re EOG

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