Julie Ann Davey, once considered to be among the richest property magnates in the UK, is facing bankruptcy after losing a long-running legal battle against administrators BDO.
Davey sued James Money and Jim Stewart-Koster, partners at BDO, for £50 million, claiming they had failed to get the best price for the assets of Angel House Developments, a London commercial property venture, and botched the administration after it collapsed in 2012.
Davey also sued Dunbar Bank, whose founders include Sean Connery and which was later run by global finance group Zurich.
In April, Sir Richard Snowden, a High Court judge, ruled against Davey, saying many of her criticisms “could have been seen to be unfounded”. He ordered her to pay £1.8 million in legal costs.
At the time of the administration, Money and Stewart-Koster were employed by another accountancy firm, PKF, which subsequently merged with BDO. Both partners have since left the firm.
A bankruptcy hearing is scheduled to be held on 22 October, according to the Sunday Times. Davey, who is being advised by lawyers at Signature Litigation, could not be reached for comment.
The decision marks the end of a bitter legal battle, in which Davey also attacked Dunbar for taking an “adversarial approach” by seeking to call in loans and sell clients’ assets as quickly as possible, resulting in unfair financial loss to her.
Other clients have previously accused the bank of pushing them underwater, the Telegraph reported.
The companies struck back in court, describing Davy’s claims as a “conspiracy theory” on the basis that undervaluing a property would be harmful to Dunbar’s interests as well as hers.