AssetCo plc v Grant Thornton UK LLP

Auditor – Negligence. The claimant company had proved its losses based on its counterfactual, in which the defendant had acted as a competent auditor, and had not mitigated any loss which had been caused by the defendant. Although the Commercial Court found the claimant was contributorily negligent, including by the dishonesty of the claimant's senior management and its failure to look after its own interests, it refused the defendant's application for relief from liability under s 1157 of the Companies Act 2006, as it had not acted reasonably.

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