In Western Australia, all actions of account — whether at law or in equity — are barred six years after the accrual of the cause of action by virtue of the broad statutory definition of 'action' in s 3 of the Limitation Act 1935 (WA), and the English complexities discussed in Tito v Waddell (No 2) do not apply. Where partnership accounts have been prepared, provided to partners, and not objected to, they constitute settled accounts that cannot be re-opened absent fraud or substantial error. An adjustment of work in progress to reflect its realisable value does not constitute a prohibited 'discounting' of net tangible assets upon a partner's retirement.
The full text is available to signed-in members, including the 20 later cases that cite this judgment.
3 of the 20 citing cases carry a classified treatment. How each court treated it is available to signed-in members.