Singularis Holdings in the Supreme Court: The Quincecare Duty of Care is Alive and Well, While the Case of Stone & Rolls Ltd is Finally Laid to Rest – 39 Essex Chambers

Posted November 7th, 2019 in appeals, banking, duty of care, fraud, news, Supreme Court by sally

‘There is a “Happy Halloween” present from the Supreme Court for commercial fraud claimant litigators. In the important case of Singularis Holdings Ltd (In Official Liquidation) -v- Daiwa Capital Markets Europe Ltd [2019] UKSC 50, handed down on 30 October 2019, the Supreme Court has upheld the existence of a bank’s Quincecare duty of care, even where the instructions which resulted in a claimant company being defrauded was given by that company’s sole director and controlling mind, and have also finally laying to rest the much criticised case of Stone & Rolls Ltd v Moore Stephens [2009] UKHL 39; [2009] 1 AC 1391 that had been used to attribute the fraud of a director of a one-man company to the company itself.’

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39 Essex Chambers, 31st October 2019