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