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Conference Proceedings

MINVAL 89, Mining and Petroleum Valuation 1989, Sydney September 1989

Conference Proceedings

MINVAL 89, Mining and Petroleum Valuation 1989, Sydney September 1989

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Civil, Criminal and Professional Liability of Experts or ""Caveat Expert""

The general level of awareness amongst members of the professions that they are faced
with an increasing number of claims for breaches of their professional duty was
dramatically heightened by the decision of Rogers J. at first instance in Cambridge Credit
Corporation v Hutcheson (1985) 3 ACLR when the auditors of the failed company were
found liable for breach of contract and faced a damages award of $145 million - well in
excess of their insurance cover. No comfort should be found in the fact that this decision
was overturned on appeal, for that result rested on the issue of whether there had been a
causal connection between the breach of contract which had occurred and the loss
suffered rather than on the fundamental principle of auditors' liability.
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  • Published: 1988
  • PDF Size: 0.574 Mb.
  • Unique ID: P198908001

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