Lowick Rose LLP (in liquidation) v Swynson Ltd & Anor [2017] UKSC 32

Authors: Peter Underwood - Published date: 29-10-2017 - Status: Published

Mr Hunt was a wealthy investor and beneficially owned the company, Swynson Ltd, whose primary activity was ‘lending money to risky businesses’. 2 On the 31st of October 2006 Mr Hunt caused Swynson to lend £15m to Evo Medical Solutions Ltd (EMSL) for a period of a year. The purpose of the loan was to buyout an American company called Evo. Before entering into the transaction Swynson and EMSL jointly instructed the firm of accountants Hurst, Morrison Thompson (HMT) to carry out due diligence on Evo prior to the buyout. The report failed to identify financial problems with Evo and it was argued if HMT had carried out their task properly the transaction would not have gone ahead.

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