In doing so, the firm has had its last avenue for appealing the judgement exhausted, having already had one appeal denied.

Wilkins Kennedy were retained by Harlequin between 2006 and 2010 to provide financial and business advice focused on helping to build and create the Buccament Bay Resort in St Vincent and the Grenadines.

Harlequin initially sought damages of $68m for losses arising out of an alleged breach of fiduciary duties and breach of contract or alternatively breach of common law duties of care in failing to perform its duties with reasonable skill and care.

According to Accountancy's Top 75 survey of firms, Wilkins Kennedy's fee income in 2016 was £40.5m.

The High Court held in December that Wilkins Kennedy should pay Harlequin damages of $11.6m, reduced from $23.2m.

Harlequin said it is still awaiting the outcome of its application for permission to appeal the interest and currency exchange rates applied to the pay out.

Wilkins Kennedy said in a statement: ‘We are extremely disappointed that the Court of Appeal has refused our application for permission to appeal.’

Harlequin chairman Dave Ames said: ‘I am delighted for Harlequin investors that Wilkins Kennedy's desperate attempts to delay justice have failed. After legal fees etc, are deducted, the money from this judgement will be offered as part of Harlequin's Proposal to Harlequin Property (SVG) Limited creditors. Mr Justice Coulson wanted the investors to benefit from these monies and it is my hope that, as part of the proposal, 3,000 investors will take control of Buccament Bay Resort, oversee a new hotel management company and utilise the judgement funds to refurbish the Resort for their ongoing financial benefit.’

Wilkins Kennedy told CCH Daily it has 'appropriate insurance in place for such situations'.

The original High Court ruling is available here.