Qualified accounts meaning

PI & Clinical negligence horizon scanner—July 2025 [Archived] ARCHIVED: This Practice Note is archived and is not maintained. It summarises the principal legal developments relevant to personal injury and clinical negligence practitioners as at July 2025. For developments predating this horizon scanner, see PI and Clinical Negligence horizon scanning and key cases—overview. Key PI and clinical negligence developments The personal injury discount rate—a review In late 2024, the Lord Chancellor, Shabana Mahmood MP, revealed the outcome of her five‑month review of the discount rate, initiated in July 2024. One month after the new +0.5% discount rate took effect, Thea Wilson (barrister at 12 King’s Bench Walk) assesses its impact on cases, the responses from claimant and defendant representatives, and the consequences of the change for legal practitioners. See News Analysis: The personal injury discount rate—a review. MoJ announces reduction in CFO’s interest rates The Ministry of Justice (MoJ) has announced lower interest rates for the Courts Funds Office’s (CFO) special and basic accounts...

This Practice Note summarises what the SRA Accounts Rules require concerning the duty to obtain and deliver an accountant’s report. It also mirrors related SRA guidance, namely: Accountant’s report and when an exemption applies Planning and completing an accountant’s report The Accounts Rules are succinct, supported by extensive SRA guidance. They are set out in plain language and are straightforward to follow, yet include subjective terms such as ‘promptly’, ‘fair’ and ‘appropriate’. The SRA recognises this calls for professional judgement. Most firms must obtain an accountant’s report, although only a small proportion are required to deliver that report to the SRA. Responsibility for compliance Your firm’s managers are jointly and severally responsible for compliance. A manager includes a sole practitioner, member of an LLP, director of a company, partner in a partnership, etc. The firm’s compliance officer for finance and administration (COFA) must take all reasonable steps to ensure the firm, its managers and employees comply with any obligations placed upon...

Spotting the early symptoms of employer insolvency Above all, a contractor should remain vigilant to the employer’s financial health. Pay attention to persistent rumours about the employer’s position (in the media or by word of mouth). Monitor formal notices to shareholders and the market (such as profit warnings), any credit rating downgrades, adverse filings at Companies House (e.g. overdue accounts or qualified audit opinions), or lapses in insurance. Observe any unexpected or commercially questionable omissions from the project by the employer. Stay aware of the employer’s late or non-payment of other parties on this project, or on other schemes the employer is delivering. Clearly, if the employer suspends the works without a proper explanation or a sound commercial rationale, this may indicate an unwillingness to fund further activity. Validate concerns by commissioning a Dun & Bradstreet search/report, which should reveal, for example, any unsatisfied court judgments against the employer. If the employer is insolvent, see Checklist: Contractor steps...