NSW Caselaw
Reported Decision : 55 ACSR 460
New South Wales Court of Appeal
Stanilite Pacific Ltd. (In Liq) & Anor. v. Seaton and Ors. [2005] NSWCA 301 CITATION: This decision has been amended. Please see the end of the judgment for a list of the amendments.
HEARING DATE(S): 20-24 June 2005
JUDGMENT DATE: 14 September 2005
JUDGMENT OF: Hodgson JA at 1; McColl JA at 176; Bryson JA at 177
DECISION: Short Minutes of Order to be brought in to give effect to reasons.
CATCHWORDS: CONTRACT - CORPORATIONS - NEGLIGENCE - Liability of auditors - Construction of accounting standards - Earned value method - Duty of auditor in giving consent to inclusion of auditor's report in a prospectus - Extent of duty - Whether auditor's report constituted misleading conduct - Duty of auditor in audit of accounts - Relationship between compliance with accounting standards and a true and fair view of company's financial position - Causation of loss.
Corporations Law 1989 ss.292, 293, 297, 298, 299, 331A, 331AA, 331B, 331D, 995, 999, 1005, 1006, 1032. LEGISLATION CITED: Accounting Standard AASB 1009
Alexander v. Cambridge Credit Corporation Ltd. (1987) 9 NSWLR 310 Alexander v. Perpetual Trustees WA Ltd. (2003) 216 CLR 109 Bank of Credit & Commerce International (Overseas) Ltd. v. Price Waterhouse (Chancery Division, Laddie J, 24/3/98) Bennett v. Minister of Community Welfare (1992) 176 CLR 408 Daniels v. Anderson (1995) 37 NSWLR 438 Demagogue Pty. Ltd. v. Ramensky (1992) 39 FCR 31 Fortuna Seafoods Pty. Ltd. v. The Ship "Eternal Wind" [2005] QSC 004 Galoo Ltd. v. Bright Grahame Murray [1995] 1 AllER 16 Harris Scarfe Ltd. v. Ernst & Young [2005] SASC 113 Heydon v. NRMA Ltd. [2000] NSWCA 374, 51 NSWLR 1 CASES CITED: Janssen-Cylag Pty. Ltd. v. Pfizer Pty. Ltd. (1992) 37 FCR 526 Johnson v. Gore Wood & Co. [2002] 2 AC 1 Johnson v. Gore Wood: cf. Gould v. Vaggelas (1985) 157 CLR 215 Leotta v. Public Transport Commission (NSW) (1976) 50 ALJR 666 Maloney v. Commissioner for Railways (NSW) (1978) 52 ALJR 291 Marks v. GIO Australia Holdings Ltd. (1998) 196 CLR 494 Pilmer v. Duke Group Ltd. [2001] HCA 31, 207 CLR 165 RAIA Insurance Brokers Ltd. v. FAI General Insurance Co. Ltd. (1993) 41 FCR 164 Sew Hoy & Sons Ltd. v. Coopers & Lybrand [1996] 1 NZLR 392 Thompson v. Ice Creameries of Australia Pty. Ltd. (1998) ATPR 41-611 Water Board v. Moustakas (1987) 180 CLR 491
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