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Scott Group Ltd V McFarlane
Scott Group Ltd v McFarlane is a New Zealand case where it was held that an auditor was liable for damages for negligence to a 3rd party which later relied on the audit report. Background G M McFarlane, a chartered accountant, audited the 1970 John Duthie Holdings Ltd financial statements, and through a simple mathematical error, resulted in John Duthie Holdings net worth being overstated by $38,000. At the same time, Scott Group Limited were considering making a takeover offer, and after reading the audited reports in question, valued the company at over $1 million, and offered to take over the company on the basis of two shares for every one share. However, just as the takeover was finalised, the mistake was discovered. As a result, Scott Group argued that it paid $38,000 too much for the shares, and sought compensation from the auditors for this amount. The auditors in response denied any liability for this mistake, on the basis there was no contractual relationship betwe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal Of New Zealand
The Court of Appeal of New Zealand () is the principal intermediate appellate court of New Zealand. It is also the final appellate court for a number of matters. In practice, most appeals are resolved at this intermediate appellate level, rather than in the Supreme Court of New Zealand, Supreme Court. The Court of Appeal has existed as a separate court since 1862 but, until 1957, it was composed of judges of the High Court of New Zealand, High Court sitting periodically in panels. In 1957 the Court of Appeal was reconstituted as a permanent court separate from the High Court. It is located in Wellington. The Court and its work The President and nine other permanent appellate judges constitute the full-time working membership of the Court of Appeal. The court sits in panels of five judges and three judges, depending on the nature and wider significance of the particular case. A considerable number of three-judge cases are heard by Divisional Courts consisting of one permane ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ivor Richardson
Sir Ivor Lloyd Morgan Richardson (24 May 1930 – 29 December 2014) was an eminent New Zealand and Commonwealth jurist and legal writer and a member of the Judicial Committee of the Privy Council. Education He was a student at Timaru Boys' High School, Timaru, New Zealand. He graduated from Canterbury University College (now the University of Canterbury), Christchurch, in 1949 with an LL.B. degree. He went on to study at the University of Michigan in the United States, from where he graduated with an LL.M. degree and an SJD degree. Career Richardson was a partner in the Invercargill firm of Macalister Brothers from 1957 to 1963. From 1963 to 1966, he was Crown Counsel in the Crown Law Office in Wellington. He then joined the Victoria University of Wellington. He was Professor of Law, between 1967 and 1973, during which period he served as Dean of the Law Faculty from 1968 to 1971. After a period back in public practice in Wellington he was appointed as a judge in the Hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Owen Woodhouse
Sir Arthur Owen Woodhouse (18 July 1916 – 15 April 2014) was a New Zealand jurist and chair of government commissions. Biography Woodhouse was born in Napier in 1916 and completed an LL.B. at the University of Auckland in 1940. He served as a Lieutenant Commander in the Royal New Zealand Naval Volunteer Reserve during World War II on motor torpedo boats and was a liaison officer with the Yugoslav Partisan in 1943. Two years later, he was serving at the British Embassy in Belgrade as assistant to the Naval Attaché. He received the Distinguished Service Cross in 1944 for naval operations in the Adriatic. Woodhouse was appointed a Judge of the New Zealand Supreme Court in 1961, and then the New Zealand Court of Appeal in 1974. The same year, he became a Privy Counsellor on the Judicial Committee. He was President of the Court of Appeal from 1981 until his retirement in 1986, after which he was appointed President of the Law Commission until 1991. Woodhouse was the C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robin Cooke
Robin Brunskill Cooke, Baron Cooke of Thorndon, (9 May 1926 – 30 August 2006) was a New Zealand judge and later a British Law Lord and member of the Judicial Committee of the Privy Council. He is widely considered one of New Zealand's most influential jurists, and is the only New Zealand judge to have sat in the House of Lords. He was a Non-Permanent Judge of the Court of Final Appeal of Hong Kong from 1997 to 2006. Early life and education The son of the Supreme Court judge Justice Philip Brunskill Cooke and his wife, Valmai, Lord Cooke was born in Wellington and attended Wanganui Collegiate School. He graduated with an LL.M. from Victoria University College, and subsequently studied at Clare College, Cambridge as a Research Fellow. While on a travelling scholarship, Lord Cooke was awarded an MA in 1954 from Gonville and Caius College, Cambridge and subsequently a PhD in 1955. In 1952, he married Annette Miller, with whom he had three sons. One of their sons, Francis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Zealand
New Zealand () is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and List of islands of New Zealand, over 600 smaller islands. It is the List of island countries, sixth-largest island country by area and lies east of Australia across the Tasman Sea and south of the islands of New Caledonia, Fiji, and Tonga. The Geography of New Zealand, country's varied topography and sharp mountain peaks, including the Southern Alps (), owe much to tectonic uplift and volcanic eruptions. Capital of New Zealand, New Zealand's capital city is Wellington, and its most populous city is Auckland. The islands of New Zealand were the last large habitable land to be settled by humans. Between about 1280 and 1350, Polynesians began to settle in the islands and subsequently developed a distinctive Māori culture. In 1642, the Dutch explorer Abel Tasman became the first European to sight and record New Zealand. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditor
An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications. Generally, to act as an external auditor of the company, a person should have a certificate of practice from the regulatory authority. Types of auditors * External auditor/ Statutory auditor is an independent firm engaged by the client subject to the audit, to express an opinion on whether the company's financial statements are free of material misstatements, whether due to fraud or error. For publicly traded companies, external auditors may also be required to express an opinion over the effectiveness of internal controls over financial reporting. External auditors may also be engaged to perform other agreed-upon procedures, related or unrelated to financial statements. Mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Takeover Offer
In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are publicly listed, in contrast to the acquisition of a private company. Management of the target company may or may not agree with a proposed takeover, and this has resulted in the following takeover classifications: friendly, hostile, reverse or back-flip. Financing a takeover often involves loans or bond issues which may include junk bonds as well as a simple cash offer. It can also include shares in the new company. Takeover types Friendly takeover A ''friendly takeover'' is an acquisition which is approved by the management of the target company. Before a bidder makes an offer for another company, it usually first informs the company's board of directors. In a private company, because the shareholders and the board are usually the same people or closely connected with on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duty Of Care
In Tort, tort law, a duty of care is a legal Law of obligations, obligation that is imposed on an individual, requiring adherence to a standard of care, standard of Reasonable person, reasonable care to avoid careless acts that could foreseeably harm others, and lead to claim in negligence. It is the first element that must be established to proceed with an action in negligence. The claimant must Cause of action, be able to show a duty of care imposed by law that the defendant has breached. In turn, breaching a duty may subject an individual to liability. The duty of care may be imposed ''by operation of law'' between individuals who have no ''current'' direct relationship (familial or contractual or otherwise) but eventually become related in some manner, as defined by common law (meaning case law). Duty of care may be considered a formalisation of the social contract, the established and implicit responsibilities held by individuals/entities towards others within society. It ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal Of New Zealand Cases
A court is an institution, often a government entity, with the authority to adjudicate legal disputes between parties and administer justice in civil, criminal, and administrative matters in accordance with the rule of law. Courts generally consist of judges or other judicial officers, and are usually established and dissolved through legislation enacted by a legislature. Courts may also be established by constitution or an equivalent constituting instrument. The practical authority given to the court is known as its jurisdiction, which describes the court's power to decide certain kinds of questions, or petitions put to it. There are various kinds of courts, including trial courts, appellate courts, administrative courts, international courts, and tribunals. Description A court is any person or institution, often as a government institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1978 In New Zealand Law
Events January * January 1 – Air India Flight 855, a Boeing 747 passenger jet, crashes off the coast of Bombay, killing 213. * January 5 – Bülent Ecevit, of Republican People's Party, CHP, forms the new government of Turkey (42nd government). * January 6 – The Holy Crown of Hungary (also known as Stephen of Hungary Crown) is returned to Hungary from the United States, where it was held since World War II. * January 10 – Pedro Joaquín Chamorro Cardenal, a critic of the Nicaraguan government, is assassinated; riots erupt against Anastasio Somoza Debayle, Somoza's government. * January 13 – Former American Vice President Hubert Humphrey, a Democrat, dies of cancer in Waverly, Minnesota, at the age of 66. * January 18 – The European Court of Human Rights finds the British government guilty of mistreating prisoners in Northern Ireland, but not guilty of torture. * January 22 – Ethiopia declares the ambassador of West Germany ''persona non grata''. * January 24 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
