Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


KPMG NZ to separate Corporate Recovery practice

15 June 2004

KPMG New Zealand to separate Corporate Recovery practice

KPMG today announced that its Corporate Recovery practice will separate from KPMG and form an independent Corporate Recovery firm which will operate as McGrath Nicol + Partners, effective 1 August 2004.

In New Zealand, the change will involve two partners and 10 staff located in Auckland. The New Zealand group will be closely associated with the newly created insolvency firm McGrath Nicol + Partners in Australia, which comprises 14 partners and approximately 140 staff. The new firm in New Zealand will be headed by Kerryn Downey and William Black.

The reasons for the separation are client driven, as KPMG in New Zealand audits three of the major banks which have independence policies preventing KPMG from accepting any Corporate Recovery appointments from these banks and from banking syndicates where they have a significant interest.

The decision to separate the Corporate Recovery practice in New Zealand follows a similar announcement from KPMG Australia. According to KPMG New Zealand Chairman, Alan Isaac, the separation responds to the needs of the banks and other clients and will ensure that the partners and staff in this area can continue to serve the market and maintain the competitiveness and vibrancy of the business in the longer term.

KPMG in New Zealand has implemented plans to transition current Corporate Recovery assignments including the high profile recent assignments of HIH in New Zealand, Carich Training Centres, and various advisory engagements.

McGrath Nicol + Partners in New Zealand will occupy separate space in the KPMG Centre at 18 Viaduct Harbour Avenue, Auckland, but will have totally independent business operations. Mr Isaac said the separation reflects the realistic view taken by the firm to adapt to changed market conditions. “ It will ensure our banking and other clients who have adopted similar independence policies are best served and at the same time ensure that the pre-eminent Corporate Recovery practice remains intact.”

Kerryn Downey, Managing Partner of the new firm in New Zealand said “KPMG in New Zealand has a long and proud tradition of providing corporate recovery services and is one of the top ranked firms in the local market. Operating as an independent firm, associated with McGrath Nicol + Partners in Australia will position the New Zealand firm for growth while servicing the needs of our clients.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>