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Mcgrath Nicol + Partners Officially Opens For Biz

Mcgrath Nicol + Partners Officially Opens For Business

A new firm, McGrath Nicol + Partners (former corporate recovery practice of KPMG) officially opens its doors for business in New Zealand today.

Kerryn Downey, Managing Partner of McGrath Nicol + Partners New Zealand said he and William Black who will head the new boutique practice, were looking forward to the start of a new era.

The formation of McGrath Nicol + Partners came after announcements by KPMG in Australia and New Zealand earlier this year that their corporate recovery practices would separate to become independent firms. At the time of making the announcement, KPMG said the reasons for the separation were client driven, as the firm in New Zealand audits a number of the major banks and other financial institutions that have independence policies.

Mr Downey said that it had been a tough decision for KPMG to officially sever links with its corporate recovery practice given the prominent role that KPMG has had in the past through significant engagements such as HIH, Equiticorp, the Maine Group, Fortex and Weddel.

Mr Black confirmed the new firm opens with top assignments and access to the solid resources of its transtasman sister firm, McGrath Nicol + Partners in Australia comprising14 partners and over 120 staff.

"While the entire KPMG Corporate Recovery team have joined the new practice, arrangements are in place which allow us to readily access the additional resources of the Australian firm if necessary.”

Aside from transferring to McGrath Nicol + Partners in New Zealand knowledge and experience in corporate recovery built up over decades, KPMG in New Zealand has also transferred its corporate recovery assignments to the new practice. These include current high profile assignments such as HIH in New Zealand, Carich Training Centres, Equiticorp and various consulting engagements.

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