Both parties to a contract often think they have a right to cancel the contract as a result of the other's breach. The Supreme Court's decision last week in Ingram v Patcroft Properties Ltd [2011] NZSC 49 demonstrates that who is right can have drastic consequences.
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To what extent are directors responsible for errors in a company's financial statements? A far-reaching decision by the Federal Court of Australia suggests that directors may be liable for mistakes in the accounts, even if both the company's management and auditors fail to pick up the errors.
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