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Michael Stiassny joins Litigation Funder LPF Group

Michael Stiassny joins Litigation Funder LPF Group

Michael Stiassny, one of New Zealand’s leading insolvency practitioners is to join the board of New Zealand’s leading litigation funder, LPF Group from early January 2018.

Founder and Director Phil Newland said the decision to appoint Mr Stiassny is in direct response to the growth of litigation funding in New Zealand, in particular the number of cases it is asked to fund involving poor decision making by company directors and their advisors.

“LPF Group is currently funding several high-profile litigation cases, including the claim being taken by the liquidators against the directors of failed property company, PVL Limited. It is also funding the liquidator of Mainzeal Construction, seeking compensation for the losses suffered by the creditors, alleging negligence by the directors.”

The collapse of PVL was one of the largest corporate failures in New Zealand resulting in many investors and creditors suffering significant losses. Without litigation funding, the out of pocket creditors and investors would not have been able to bring a claim against the auditors PWC, and the directors.

Mr Stiassny said “There has been considerable comment recently on the role and cost of litigation funding.

“Particularly within insolvency, but also in other areas of commerce, I have seen far too often people who can’t afford, financially or emotionally, the risks and uncertainty associated with litigation. As a result, they are unable to recover any money they have lost as a result of corporate negligence or wrong doing.

“It gives people who have lost money the opportunity to gain some compensation for their losses, and to hold those responsible to account.”

“However, litigation is by its very nature uncertain, and as in any commercial endeavour, litigation funding carries significant risk - the funder is liable for all costs, even if the litigation is unsuccessful.

“I look forward to joining the LPF board. LPF has a proven track record over a number of years of delivering results for plaintiffs in meritorious cases.”

Mr Stiassny is the immediate Past President of the Institute of Directors (IoD), a chartered fellow of the IoD, a fellow of Chartered Acts Australia and New Zealand, a life member of RITANZ, Chairman of Vector Ltd and Tower Ltd, and a director of a number of other companies including Queenstown Airport Corporation Ltd and Ngāti Whātua Ōrākei Whai Rawa Ltd. ENDS

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