ON THIS DAY IN 1997, the High Court of Australia delivered Esanda Finance Corporation Ltd v Peat Marwick Hungerfords (Reg) [1997] HCA 8; (1997) 188 CLR 241; (1997) 142 ALR 750; (1997) 71 ALJR 448 (18 March 1997) and Hill v Van Erp [1997] HCA 9; (1997) 188 CLR 159; (1997) 142 ALR 687; (1997) 71 ALJR 487 (18 March 1997).
Professional advisors will be liable for economic loss suffered by non-clients in cases where there has been a failure by the advisor to properly perform the duty (eg failing to ensure that audited accounts met accounting standards in Esanda; and failing to ensure that a will was validly signed in Van Erp).
http://www.austlii.edu.au/au/cases/cth/HCA/1997/8.html
http://www.austlii.edu.au/au/cases/cth/HCA/1997/9.html
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