In making an application, a company of course needs to provide past and projected figures, but must also understand the objectives which the government wishes to achieve from the scheme in question. Lawyers, accountants and nominee directors are at risk. Liability depends on the existence of a duty of care which is breached. The Hedley Byrne case established in English law that there may be a liability for law arising from negligent mis-statements. Solicitors and barristers are not liable for acts done in the course of conducting a case in court, but may be liable in other activities - notably in giving advice.
Accountants similarly own a duty of care in making financial statements.
Liability of this kind arises in tort and extends therefore not merely to the client but to others who rely on and are affected by the statement or advice. English law now recognises pure economic loss as a head of damages, but only in rather restricted circumstances. Some form of limited liability is necessary for professional advisers. But this is yet to come. The law and practice in this area is still in a stage of development.