Dispute over liability resumes
Thursday 26 December 1996
The two sides have been arguing about the small print indocumentation produced during corporate deals, with accountants attempting to get "limited liability" clauses inserted to restrict the size of claims against them in the event of subsequent trouble. But this has posed problems for investment bankers, who fear that blame could shift to them.
The issue would be debated again in the new year, sources at the Big Six accountancy firms and at the London Investment Bankers Association said. The LIBA said it was concerned that advisers would be unable to do their jobs properly unless the dispute was resolved.
Banks and accountants accepted a moratorium, under which accountants agreed not to put their limited liability clauses in public documents provided the bank involved was a member of the LIBA.
This measure has been running for a year and LIBA will meet with the accountants to discuss ways to make progress. Kit Farrow of the LIBA said: "Isee the continuation of the moratorium as desirable."
But he insisted that "the long-term solution is a reform of the law of joint and severance liability".
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 4 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 5 The Greece debt crisis explained in less than 100 words
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Florida teacher sentenced to 22 years in prison for sexually abusing three pupils
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...