Re Bank of Credit and Commerce International SA ((in Liquidation)) (No. 12)
| Jurisdiction | England & Wales |
| Judgment Date | 23 May 1997 |
| Date | 23 May 1997 |
| Court | Chancery Division |
Chancery Division
Fraud - investigation by liquidators- duty to co-operate
Although the bare fact of association led to no inference of guilt, any honest person who found himself to have been involved, however innocently, in a major fraud, must be expected to co-operate with those whose duty it was to investigate the fraud.
Mr Justice Robert Walker so held in the Chancery Division on January 24, in concluding that the corporate failure of Bank of Credit and Commerce International SA, Bank of Credit and Commerce International (Overseas) Ltd and Bank of Credit and Commerce International Holdings (Luxembourg) SA, comprising the BCCI group, and the secrecy and deception attending its affairs and those of International Credit and Investment Company Ltd and International Credit and Investment Company (Overseas) Ltd, the ICIC group, together with the close involvement with Bank of America National Trust and Savings Corporation, Bank America Corporation and Bank America International Finance Corporation, the BoA group, all indicated that the court should in principle accede to an application, under section 236 of the Insolvency Act 1986, by Christopher Morris, John Parry Richards and Stephen John Akers, liquidators of BCCI, for disclosure by the BoA group of 12 categories of books, correspondence and other documents relating to the affairs of the BCCI and ICIC groups.
Chancery Division
Duty of care - accountants not auditors of complainant company - no duty owed
A firm of accountants which was neither the auditor of a complainant company, nor claimed by it to have known that it would rely on the firm's financial statements on two of its sister companies for the purpose of making loans to such companies, owed to such complainant company no legal duty of care.
Mr Justice Laddie so held in the Chancery Division on January 30, in acceding to an application by Ernst & Whinney and others to strike out part of the statement of claim in a consolidated action brought by the liquidators of BCCI (Overseas) Ltd, BCCI Holdings (Luxembourg) SA and BCCI SA against (i) Price Waterhouse and others, at the material times auditors of BCCI (Overseas) and (ii) Ernst & Whinney, at the material times...
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Re Hurlstone Constr Ltd
...re, 1994–95 CILR 73. (3) Bank of Credit & Commerce Intl. S.A. (No. 12), Re, Morris v. Bank of America National Trust & Savings Assn., [1997] 1 BCLC 526; [1997] BCC 561, dicta of Robert Walker J. applied. (4) British & Commonwealth Holdings PLC (No. 2), In reELRUNKUNK, [1992] Ch. 342; [1992]......
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A v A; B v B
...567, [1995] 2 FLR 829, CA. Bank of Credit and Commerce International (Overseas) Ltd (in liq) v Price Waterhouse (No 3) [1998] Ch 84, [1997] 4 All ER 781, [1997] 3 WLR Bolkiah (Prince Jefri) v KPMG [1999] 1 BCLC 1. Cobra Golf Inc v Rata (No 2) [1998] Ch 109, [1997] 2 All ER150, [1997] 2 WLR ......
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Robert Tchenguiz and Another (Claimants in Hq12x05106 and Hq13x00672) Rawlinson and Hunter Trustees Sa and Others (Claimants in HQ12X05082 and HQ13X00414) v Director of the Serious Fraud Office (Applicant/Defendant to all claims) Deutsche Bank Ag (Third Party Respondent)
...support for the SFO's position. 21 In this context, Mr Beloff also sought to rely upon the analysis of Laddie J in BCCI v Price Waterhouse [1998] Ch 84 with regard to the scope and effect of s82(1) of the Banking Act 1987 ("the 1987 Act") which provides: " Except as provided by the subseque......
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L v The Human Fertilisation & Embryology Authority and Another
...if the relevant statute has made such use a criminal offence (see Rowell v Pratt [1938] AC 101 at 105 and B.C.C.I. v Price Waterhouse [1998] Ch 84). 99 The effect of criminality was not argued before me. But, on my understanding of its effect, the problem it creates could be avoided by a s......
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Grand Court Considers The Scope Of Liquidators' Statutory Powers To Collect In A Company's Documents
...to the familiar English authorities of In re Spiraflite [1979] WLR 1096, Re Atlantic Computers [1998] BCC 200 and Re BCCI SA (No 12) [1997] 1 BCLC 526, and the leading Grand Court decision in Re Basis Yield Alpha Fund [2008] CILR 50, and held that section 138(1) was "not an appropriate or l......