Listed below are links to our newsletters and other published press articles which may prove useful. If you would like to discuss any of the issues covered by the following articles, then please don’t hesitate to contact the relevant author. If you would like to be included on the circulation list of our quarterly newsletter please just contact us.


pdfNewsletter 13 - 676KB

Back in November, I wrote an article on how 'damages based agreements' might impact client engagements post 1 April 2013. The Jackson Reforms also included guidance on managing and monitoring experts’ costs – an issue dear to my heart. I summarise some of the key issues later in this newsletter.

Also featured is an article on the importance of cash and liquidity, and how that might impact both the value of a business and the capacity to extract funds from that business; this is often a critical factor in matrimonial disputes.

Additionally, we take a look at the concept of 'hidden assets' in confiscation cases, and how that can be used to justify a disproportionately high benefit figure.

pdfNewsletter 12 - 754KB

In this newsletter we look at the following issues:

  • DBAs, outlining the current state of play
  • Considering the potential need to get an accountant involved when formulating the terms of a DBA
  • We also take a look at valuations in the context of matrimonial cases

In our 'Numbers in the News' section we reflect on Starbucks’ tax exposure in the UK.

pdfNewsletter 11 - 803KB

In this newsletter we look at a few current matters that we consider of increasing relevance in our working:

  • Tax planning schemes, and in particular directors’ loans, which seem to have cropped up rather frequently of late in a number of different contexts
  • he role of litigation funding - it now seems the bar is about to be set much lower than previously with regard to necessary quantum
  • The role of the in-house forensic accountant – as more and more firms look at the option of an in-house resource

Our 'numbers in the news' feature looks at mis-selling of interest rate swap deals.

pdfNewsletter 10 - 939KB

In this issue, we consider the following:

  • The importance of the much-maligned and undervalued cashflow forecast
  • The treatment of a “notional salary cost” in business valuations, and commercial agency valuations in particular
  • The impact of the economy on valuations more generally

But first, we set out some quick thoughts on banker’s bonuses – a topic that has hit the headlines this week.

pdfNewsletter 09 - 766KB

In this issue, we consider the following:

  • POCA’s potential impact following money-laundering offences committed by professional service firms
  • The damages potentially flowing from the early termination of contracts
  • Football’s financial fair play rules

pdfNewsletter - 08 3.4MB

With the passing of the World Cup, in this edition we take a look at the current state of football finance as well as:

  • Issues to consider when making a security for costs applications
  • A POCA case study

Numbers in the news

We round up the results from our Fantasy World Cup competition.

pdfNewsletter - 07 4.3MB

In this issue, we consider the following:

  • A case study concerning confiscation proceedings brought against an employer who had a number of illegal workers on the payroll
  • Carbon credits – the new focus for fraudsters?
  • Some thoughts on causation and quantum issues in professional negligence claims

pdfNewsletter - 061.04 MB

The future of funding for commercial disputes or…the CFA cometh” by Greg Lacey
We consider the impending increase in CFAs in commercial disputes, and the scope for accountancy input in this regard.

The noose tightens around reckless directors” by Phil Southall
A look at directors’ fiduciary duties and particularly those of finance directors; a common theme in both fraud and negligence cases we are currently dealing with.

Presumed criminal – a brief overview of confiscation orders” by Simon Paley
It appears that the Crown is consistently defying logic and common sense and applying an approach that serves to duplicate assessed benefits.

pdfNewsletter - 051.17 MB

Falling business values – is it the right time to litigate?” by Phil Southall
Our thoughts on the impact of the current economic woes on business valuations, and in particular what that means from a litigant’s perspective.

Accountants to blame for the credit crunch?...fair do’s” by Greg Lacey
A critical assessment of the role played by fair value accounting in the current credit crisis.

Season’s Greetings – oh no – it’s an audit letter” by Simon Paley
An article explaining the accounting requirements for disclosure of litigation liabilities in a company’s year end accounts.

pdfNewsletter - 041.33 MB

Commercial Agents Regulations: Lonsdale, the agent for change” by Phil Southall
The implications of the Lonsdale ruling on the compensation payable following the termination of a commercial agency contract.

Pension losses – it’s all Greek to me! Part III
In our final article in the series on pension losses we consider defined benefit schemes.

You Never Give Me Your Money. So You Can’t Have Any of Mine” by Simon Paley
Our thoughts on accounting involvement in matrimonial disputes following the Mills and McCartney ruling, in particular regarding the issue of assessing financial need in divorce cases.

pdfNewsletter - 031.15 MB

Crunching after the credit crunch” by Simon Paley
An article exploring the scope for opportunities following the credit crunch and predicted economic slowdown.

Sale and purchase agreements – pre deal reviews” by Simon Paley
A summary of how forensic accountants can add value in reviewing SPA agreements before the deal is done.

Pension losses – it’s all Greek to me! Part II” by Phil Southall
An explanation of how to calculate losses for defined contribution pension schemes.

pdfNewsletter - 02757.92 KB

Business interruption – the steps you should take to bring a successful claim” by Phil Southall
A checklist of practical steps that a business should take following an interrupting event.

Evidence Evidence Evidence” by Greg Lacey
Following an interrupting event there are a number of key financial decisions facing a business. This article summarises typical issues that arise, the decisions that need to be made and the evidence that needs to be retained. (Also published in The Grocery Trader, December 2006.)

Pension losses – it’s all Greek to me!” by Greg Lacey
In the first of a three part series we take a look at various pension schemes, and how loss claims will differ depending on which scheme you are considering.

pdfNewsletter - 01674.37 KB

Why Carlos Tevez has cost Sheffield United more than he cost West Ham…” by Greg Lacey
A forensic accountant’s perspective on the true cost to both clubs!

Mediation and the “f” word” by Phil Southall
The implications for both parties when settling disputes where there are allegations of fraud.

Beware the soft underbelly” by Greg Lacey
An article summarising the value of an expert accountant when investigating fraud. (Also published on the North West Fraud Forum website and in Post Magazine, May 2007.)


Simon Paley considers some of the consequences of the Lord Chancellor’s recent change in the discount rate on personal injury and clinical negligence claims.

pdfDiscount Rate Changes.pdf

Greg Lacey takes a look at some of the specific conventions and metrics used to value businesses operating in certain industries.

pdfRule Of Thumb Valuations.pdf

Phil Southall reflects on movements in the Sterling exchange rate over the past year and its impact on claims involving international businesses.

pdfWhat A Difference A Day Makes.pdf

The latest inflation figures for the United Kingdom were released on 17 November 2015. According to the UK government’s preferred measure, which is the Consumer Prices Index or CPI, there was negative inflation over the past year of -0.1%. This article looks at the potential impact on UK house prices

pdfImpact of negative inflation for house price prospects.pdf

The following article takes a look at how the Sharland ruling could have a wider impact.

pdfSharland - The End of the Cheats Charter.pdf

This article takes a look at a complex assessment of a borrower's covenant in relation to a mortgage default.

pdfValue of A Borrowers Covenant.pdf

We are often asked to analyse directors’ loan accounts (DLAs) in the context of a variety of different circumstances. This article explains the role of DLAs and some of the misunderstandings surrounding them.

pdfDirectors Loan Accounts.pdf

Following a disruption to normal trading, the accounting records may be the last thing on management’s mind. However, it is often efficient to collate evidence from the start, and this article details the key accounting information ordinarily required to justify a claim for business losses.

pdfFinancial Information To Support A Claim For Loss Of Profits.pdf

Any business valuation will be dictated by the quality and integrity of the information that underpins it. We summarise below the key information that is needed for a reliable valuation.

pdf Information Required To Value A Business.pdf

Our earlier articles in the series on valuation issues all refer to the value of a company as a whole. These assess the worth of a company to a purchaser acquiring the business in its entirety.

However, we are often asked to provide a valuation of small tranches of shares; for example, in shareholder disputes, or for the purpose of determining net worth in the case of divorce.

pdfMinority Discounts.pdf

The three basic factors which generally affect the value of a company’s shares are its earnings, its dividends, and the value of its assets. The final value may be a combination of these factors. Their relative importance will depend on the objectives of the purchaser, and the size of the shareholding being acquired.

pdfAlternative Valuation Methodologies.pdf

In our previous article we described how there are broadly two distinct categories of share valuation and explained the market based methodologies.


So long as a business is profitable, a valuation of that business will derive from the earnings it generates. After all, the motivation for most buyers is to create a return on their investment. Consequently, earnings-based approaches (such as capitalised earnings or discounted cash flow techniques) are commonly applied when assessing the worth of a business, whatever its size.

pdfNotional salary cost in business valuations126.32 KB

Despite many requests, this is not an article containing photographs of the FAR Consulting Christmas party, but Phil Southall sharing his recent experience of “hot-tubbing” in the professional context.

pdfForensic accounting in the hot tub137.59 KB

Whilst attracting some publicity, the mis-selling of IRHP by banks in the UK has not attracted the headlines in the general media and press that the mis-selling of PPI protection cover has received. This possibly has something to do with the complexity of the mis-selling issue itself. After all, you have to be a sophisticated investor to understand any of this, so presumably the story would only play to a sophisticated audience.

pdfMis-selling of Interest Rate Hedging Products (“IRHPs”)68.75 KB

An article discussing withheld VAT repayments and how mobile phone traders might fight back. (Published in Mobile News, October 2006).

pdf"Traders could sting HMRC for lost profits"167.76 KB by Greg Lacey