The appellants appealed the dismissal of their solicitor's negligence action.
The appellants alleged that the respondent solicitor, who acted for multiple parties in a corporate restructuring prior to the individual appellant's bankruptcy, failed to recommend independent legal advice and failed to discuss alternative transactions.
The Court of Appeal dismissed the appeal, finding that the solicitor did not breach his fiduciary duty or act negligently, as he took instructions from the appellant's designate, the transactions were straightforward, and the appellant was a sophisticated businessman who understood the documents.
Furthermore, the appellants failed to establish any damages, as the shares and debt involved had no value.