Contact details

Adam Culy

T: +44 20 7809 2371 Email Adam | vCard Office: London

Adam Culy Partner

Contact details

Adam Culy

Adam Culy
Partner

T: +44 20 7809 2371 Email Adam | vCard Office: London

Adam is an accountancy professional liability / regulatory specialist (in particular defending FRC cases and all forms of accounting litigation). Previously General Counsel at BDO and a criminal prosecutor, Adam brings a wealth of sector experience and a sharp focus to resolving complex accounting issues across audit, tax, insolvency and corporate finance.
  • Profile
  • Services
  • Sectors

Adam offers a client-focussed insight into the full range of accounting services and the pressures they face from regulators and claimants. This allows him to quickly grasp the key issues in accounting disputes and resolve them. His success at BDO helped it remain the only larger accounting firm at the time to avoid sanction by the FRC.

His and his team's notable successes in litigation include BDO's win in Supreme Court regulatory proceedings (Barnes v Eastenders), the leading recent decisions on administrator's duties: Bernsten & Anor v Tait and Davey v Money (which included the recent COA judgment ending the "Arkin Cap" when enforcing costs against the litigation funder), and Green v BDO [2005] All ER on the use of the Insolvency Act against accountants.

  • Professional and management liability
  • Professional standards and discipline
  • Regulatory litigation
  • Commercial litigation​
  • Dispute resolution

Audit claims

Advising on and defending audit negligence claims across a full spectrum of accounting misstatements, fraud and independence issues often with an international element.

Audit regulatory - FRC/ICAEW

Successfully managing teams of forensic, audit experts, audit staff and counsel on various FRC Accountancy Scheme and AEP investigations (including Case Examination Inquiries) resulting in no further action or negotiated settlements.

Tax

Representing tax advisers on a range of tax related disputes often arising from tax planning advice and issues with HMRC.

Insolvency

Defending IPs on allegations arising from appointments, including successful defences of sale at undervalue allegations (Bernsten v Tait [2015], Davey v Money [2019]) and consequential Court of Appeal decision on the “Arkin Cap” (Chapelgate v Money [2020]).

Insolvency regulatory

Responding to professional body complaints (IPA, ICAEW, Insolvency Service), misfeasance allegations and insolvency office-holder applications, including Green v BDO [2005] All ER as advocate and on successful appeal.

Corporate finance

Advising on and defending disputes arising from due diligence and other post transaction warranty and indemnity SPA liabilities, including where regulatory issues can arise with FCA and the Takeover Panel.

Valuation and investigations

Defending valuation negligence cases (including on expert determinations and single joint expert appointments) and advising on issues arising during contentious forensic investigations.

More: Professional and management liability 

Compliance and ethical issues

Advising accountancy clients on a range of conflicts, confidentiality and other professional ethics issues.

FRC, ICAEW and other professional bodies

Responding to investigations into individual and firms, including on successful appeal in the ICAEW Tribunal.

Consultations on new standards

Analysing and advising on new ethical and professional body standards and their impact on the accounting profession.

More: Professional standards and discipline

FRC

Successfully managing teams of forensic, audit experts, audit staff and counsel on various FRC Accountancy Scheme and AEP investigations (including Case Examination Inquiries) resulting in no further action or negotiated settlements.

POCA receiverships

Managing various criminal receivership risk related issues, including Barnes v Eastenders & CPS [2014] UKSC 26, in the High Court, Court of Appeal and on successful appeal to the Supreme Court.

Insolvency

Defending various professional body complaints (IPA, ICAEW, Insolvency Service), misfeasance allegations and insolvency office-holder applications, including Green v BDO [2005] All ER as advocate and on successful appeal.

Other regulatory investigations

Advising and responding on numerous local and international accountancy related investigations including by PCAOB, DoJ, SEC, FCA, HMRC, NCA, Police, Insolvency Service, Takeover Panel, Pensions Regulator.

More: Regulatory litigation

Accountancy

Adam advises and represents accountancy firms on disputes, including those arising from audit, tax, insolvency, corporate finance, valuations and forensic investigations.

Insurance

Acting as Monitoring and Coverage Counsel for insurers with reinsurance aspects on a range of audit, tax and accountancy related disputes.  Acting for UK accountancy firms on coverage disputes.

Regulatory

Advising on and defending regulatory disputes for accountants (FRC, ICAEW, IPA etc), including managing complex regulatory requests made by criminal agencies and regulators.  Defending insolvency misfeasance allegations such as Bernsten v Tait [2015], Davey v Money [2019], Chapelgate v Money [2020]) and the Supreme Court POCA related dispute Barnes v Eastenders & CPS [2014] UKSC 26.

More: Commercial litigation

Accountancy

Adam advises and represents accountancy firms on disputes, including those arising from audit, tax, insolvency, corporate finance, valuations and forensic investigations.

Insurance

Acting as Monitoring and Coverage Counsel for insurers with reinsurance aspects on a range of audit, tax and accountancy related disputes.  Acting for UK accountancy firms on coverage disputes.

Regulatory

Advising on and defending regulatory disputes for accountants (FRC, ICAEW, IPA etc), including managing complex regulatory requests made by criminal agencies and regulators.  Defending insolvency misfeasance allegations such as Bernsten v Tait [2015], Davey v Money [2019], Chapelgate v Money [2020]) and the Supreme Court POCA related dispute Barnes v Eastenders & CPS [2014] UKSC 26.

More: Dispute resolution

  • Accountancy firms
  • Insurance

Accountants’ negligence

Advising on and defending a wide range of accountancy related litigation including audit, tax, insolvency, corporate finance, investigation and valuation.

Accountancy risk management

Former role as General Counsel at major UK accountancy firm handling a range of risk, regulatory and contractual matters.

International networks

Advising international accounting network on cross-border liability risk, international sub-contracting framework and global liability policy.

More: Accountancy firms

International monitoring/coverage counsel

Acting as Monitoring and Coverage Counsel for insurers with reinsurance aspects on a range of audit, tax and accountancy related cases

UK insurance and coverage advice

Experienced in implementing and advising on local and network professional indemnity insurance arrangements, including coverage advice on professional indemnity and a range of other liability insurance policies.

International Network Liability and Insurance Protection

Implementing global sub-contracting Framework for one of the world’s largest accountancy networks, underpinned by a bespoke liability policy with fronting agreements in over 100 separate jurisdictions.

More: Insurance

Latest news & insights

14 Jul 2021

From Insights

SAAMCO reconsidered: the purpose of advice

The Supreme Court has simultaneously handed down two landmark judgments – in two very different contexts concerning the approach to determining the scope of a professi..

More

24 Mar 2021

From Insights

One Blackfriars Limited – The boomerang that didn’t come back…

In a further landmark decision on administrator's duties following Davey v Money1, the High Court has dismissed the liquidators' claims of sale at undervalue and loss ..

More

16 Oct 2020

From Insights

SAAMCO Returns: application of the principle to negligent audit claims

The Court of Appeal has recently considered the application of the SAAMCO principle in the context of an audit negligence case in AssetCo plc v Grant Thornton UK LLP. ..

More

18 Jun 2020

From News

Adam Culy joins Stephenson Harwood as partner

Law firm Stephenson Harwood LLP has augmented its professional liability and regulatory practice with the addition of Adam Culy, who joins the firm as a partner in Lon..

More

print-footer
logo
© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.