The ICLR have published a summary for the recent Supreme Court decision Singularis Holdings Ltd (in liquidation) v Daiwa Capital Markets Europe Ltd [2019] UKSC 50: see here. The summary reads (to provide an extract) "On a claim by a company against a bank for breach of its duty of care to prevent a withdrawal of funds from its account by one of the company’s directors when it had reason to suspect the transaction to be fraudulent, there was no principle of law that the fraudulent conduct of the director was to be attributed to the company if it was a one-man company".
Friday, 8 November 2019
UK: England and Wales: company fraud and the bankers' duty of care
The ICLR have published a summary for the recent Supreme Court decision Singularis Holdings Ltd (in liquidation) v Daiwa Capital Markets Europe Ltd [2019] UKSC 50: see here. The summary reads (to provide an extract) "On a claim by a company against a bank for breach of its duty of care to prevent a withdrawal of funds from its account by one of the company’s directors when it had reason to suspect the transaction to be fraudulent, there was no principle of law that the fraudulent conduct of the director was to be attributed to the company if it was a one-man company".
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