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 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 2015 was £37.8m.

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

‘Although the court rejected all liabilities apart from one, we have spoken to our legal team and believe there is justification for an appeal,’ a Wilkins Kennedy spokesman said. ‘We have therefore applied to the court for permission to appeal against the judgment on a number of grounds.’

A spokesman for Harlequin said: ‘On 12th December 2016, Wilkins Kennedy’s first application for permission to appeal was rejected by the Hon. Mr Justice Coulson on the basis that he believes Wilkins Kennedy have no real prospect of success. Harlequin understands that this second and last opportunity for Wilkins Kennedy to apply for permission to appeal will be resolved by 27th January.

‘To be clear, while the Hon. Mr Justice Coulson found that loss flowed from one of the allegations, his judgment also found that: Wilkins Kennedy were in breach of contract/breach of duty for failing to give necessary advice on a major contract; there were no effective Chinese walls in place; Wilkins Kennedy were in conflict of interest; and Wilkins Kennedy breached their confidentiality obligations to Harlequin.’

The High Court ruling can be read here.