The money was transferred from Banque du Sud in Tunisia to Baker Oil’s account with Lloyds Bank in London.

Judge Peter Millett held that Agip Ltd was entitled to an equitable proprietary claim for the $43,000 from Jackson, and that the accountants were liable for 'knowing assistance in a breach of trust'.

Banks can be liable in knowing receipt only if they receive and apply trust money to reduce or discharge a customer's overdraft.

He suggested that the liability for knowing receipt could be imposed if the circumstances would put an honest and reasonable person on inquiry.

Michael Fox gave judgement, while Elizabeth Butler-Sloss and Roy Beldam concurred.