PracticeConsultingInsolvency – Deloittes appeals over BCCI case

Insolvency - Deloittes appeals over BCCI case

Deloitte & Touche liquidators acting on behalf of creditors of the failed Bank of Credit & Commerce International will have to pick up the bill for their failed #360m negligence claim against the Bank of England, which was thrown out by the Court of Appeal in December

A spokesman for the bank said its lawyers could not provide a figure for the final amount of the costs awarded, as they would be subject to negotiation and review under the legal process of taxation.

The sum is likely to increase, as the Court of Appeal granted both parties leave to appeal their decision to the House of Lords. A Deloittes spokesman said the liquidators’ legal team had begun preparations for the appeal, which is expected to be heard by early summer.

In what is believed to be the first case brought against a central bank over its regulatory responsibilities, Deloittes alleged it had neglected its public duty by failing to revoke BCCI’s licence when it was clear the bank would probably collapse.

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