Embattled accounting firm Mulcahy and Co have lodged a notice to appeal to a Supreme Court verdict ordering them to pay millions in damages after breaching client confidentiality.
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The Supreme Court has confirmed a notice of appeal has been lodged by Mulcahy's lawyers, after a 21-day stay on payment of the amount was granted by Justice Jim Delany.
On April 10, the Justice handed down his ruling on how much Mulcahy should have to pay former clients Timothy Porter and Christopher Conheady after he found Mulcahy breached its fiduciary duties in the purchase of a Melbourne truck body company.
Mulcahy and Co, and its director Jamie Mulcahy, were ordered to pay to each of the plaintiffs damages of $4,832,445 plus interest of $812,910.
Justice Delany also ordered BFMM, the company formed to take up the purchase of Chris's Body Building, account to Mr Conheady for profits earned of $11,862,693 plus interest of $3,095,987.
Defendants Mulcahy and Co and Jamie Mulcahy have lodged an appeal, but it is not clear whether BFMM intends to appeal the ruling.
The matter will now proceed to a further hearing at the Supreme Court where it will be decided if leave to appeal will be granted.
This is no surprise to those involved in the case, as Mulcahy's lawyers made it clear on the last occasion they would appeal the ultimate decision.
Mr Mulcahy was contacted for comment, but he declined.
In an earlier statement, issued when Justice Delany's ruling was handed down, Mr Mulcahy said he was looking forward to an appeal proceeding, and maintains he did nothing wrong in his dealings with Porter and Conheady.
"In the court case, Conheady and Porter claim I "stole" the opportunity to purchase the business from them and disappointingly the Judge agreed with them," Mr Mulcahy said.
"The positive thing about the judge handing down his recent findings is that I am now able to appeal the case."
A spokesperson for the plaintiffs said they believed "Justice Delany had got it right."
"It is very difficult to overturn findings of fact, and findings in relation to the credibility of witnesses," the spokesperson said.
"We look forward to understanding the basis of their appeal."
The Courier contacted a representative for BFMM, but they did not respond.
No date has been fixed for when the matter will reappear in court.
