Bishop Warden Propose Grant Thornton for Nosh Liquidation

Press Release – Bishop Warden

Bishop Warden Propose Grant Thornton for Nosh Group Liquidation

Debt buying company Bishop Warden will seek to have insolvency specialists Tim Downes and David Ruscoe of international accounting firm, Grant Thornton replace Shephard Dunphy as the liquidators of Old NGL Limited (“Nosh”) (in liquidation), at a creditors meeting to be held on 4 October in Auckland.*

“We are very pleased that Tim Downes and David Ruscoe, both partners at Grant Thornton, a leading financial advisory firm, have agreed to being nominated to replace the existing liquidators, Shephard Dunphy.”

Bishop Warden’s director, Matthew Blomfield said that Downes and Ruscoe were required for the Liquidation because of the complexity and high profile nature of the failure and that a firm with Grant Thornton’s resources was required for such an assignment.

“Nothwithstanding the fact that there appears to be a limited prospect of creditors being paid from the assets of Old NGL, there are important questions to be answered in relation to the sale process and the subsequent failure of the business,” said Mr Blomfield.

“Grant Thornton is a company of considerable experience and standing in the business community. They are specialists in insolvency matters and have specific experience and knowledge of the fiduciary duties and responsibilities of directors in particular.”

“Given that Shephard Dunphy had earlier indicated it wanted to ‘dispense with a meeting of creditors’, our view is that they have completely misread the situation and we should start afresh with a new liquidator.

“We want a liquidator prepared to take a very hard look at these directors’ actions, what they knew, when, and whether there is any possibility of sheeting home responsibility where it is due,” said Mr Blomfield.

ENDS

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