Past Economic Loss

Past economic loss calculations are made for the purposes of compensations claims. The most common of these result from third party motor vehicle insurance claims but can also be related to workplace accidents, assaults and other criminal acts. These claims are normally income based but can, in instances, be asset based and include:

Loss of Profit

Loss of Income

Loss created by increased expenditure

Loss of business opportunity

Future Economic Loss

Future economic loss calculations are made for the purposes of compensations claims. The most common of these result from third party motor vehicle insurance claims but can also be related to workplace accidents and criminal acts such as assaults and unfair dismissal. These claims are normally income based and can, include asset based claims:

Loss of Profit

Loss of Income

Loss created by increased expenditure

Projected future losses

Present Value of Future Losses

Loss of business opportunity

Business Interruption

Many business insurance policies have a business interruption clause. A calculation is required to be made of the loss from business interruption for a claim to be made on the policy. Losses can arise from:

Additional cost of operation

Loss of Turnover

Loss of business opportunity

Loss of goodwill

Landlord, Bank and contract issues arising from the claim event

Business valuations

Business valuations need to be carried out for a number of purposes - sales, purchases, family law matters, re-structuring, share valuation, intended borrowing, insolvency, employee entitlement schemes etc. Issues to be addressed:

Value of specific business

Value of company

Value of corporate group

Real estate issues

Method of valuation

Any contractual agreements

Determinations

Fraud Investigation

Family Law

Litigation Assistance

Some contracts require determinations be made in respect of a variety of accounting issues. Where there is no agreement between parties an independant accountant may be appointed under the terms of the contract to make that determination. Issues could include:

Value of contracted agreement

Issues which may affect determined value

Reconciliation of party positions

Fraud can end up being both civil and criminal actions.  Civil actions will probably follow criminal as the hurdles are easier to jump and the criminal decision makes the civil proceeding easier to work through. At times what looks like a normal set of transactions by a director can in fact lead to a criminal action. One man’s dealing with his own funds is another man’sTracking missing cash flows and business assets

Preparing reports as to the how transactions occurred

Acting for both defence and prosecution in respect of fraudulent transactions and arrangements

Preparing explanation of how a transaction occurred and why or why not it was fraud.

Experts reports and court appearances in respect of valuation of business, profits, companies and/or trusts

Consulting on valuations prepared by others

Consulting on movement of assets and cash flow

Accounting and financial advice to legal team for the purposes of disputed contracts or settlements

Assistance to legal team to understand and frame accounting and financial issues.