Claims against Accountants
Using an accountant usually helps a business run smoothly or helps individuals manage their financial affairs.
The services offered by the accountancy sector have developed over time and accountancy firms currently offer a wide range of services to businesses and individuals including:
- Business Valuations;
- Business Recovery;
- Wealth Management;
- Corporate Finance;
- Corporate Tax;
- Forensic Services;
- Tax Investigations;
- Strategy and Business Planning; and
- Transaction Services
Do I have a claim against my accountant?
Whether or not you have entered into a written contract with an accountant, it is likely that they will owe you a ‘duty of care’. The accountant’s duty means that they must perform their services using reasonable care and skill.
If you believe you have received inadequate advice or service in relation to any of the services listed above, or any other service provided to you or your business by your accountant, we would like to hear from you to discuss the circumstances of your case and how we can help.
What is my claim worth?
If your accountant has been negligent, we will be able to provide guidance as to what your likely loss has been. We can help you recover financial compensation (damages) that will put you in the position you would have been in if your accountant had not been negligent. Often the financial compensation will be substantial. Your losses would normally be paid for by your accountant’s professional indemnity insurance policy.
What is the procedure?
If we think that you have a claim against your accountant, we will write to them, setting out the legal basis for your claim and a summary of your loss. This letter is called a pre-action letter and this is the first step in the litigation process. The accountant will either accept your claim or set out in writing whether they intend to defend the claim and on what basis. Often settlement is reached before a claim is issued at Court. If a resolution is not possible, we can discuss issuing a claim with you.
How much will it cost?
We are experienced at effectively managing the costs of pursuing or defending a professional negligence claim and we are able to act on a variety of different funding arrangements in order to help you pursue or defend your claim in the most effective and efficient way. At the outset, we will discuss with you the available funding options to ensure you are provided with the most suitable arrangement for your circumstances.
What should I do next?
Bolt Burdon has a specialist team dedicated to resolving professional negligence claims and we regularly take instructions from clients with concerns about their accountant’s actions. You may not even fully know at this stage the full consequences of your accountant’s actions but we would be happy to discuss your case in more detail with you.