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Source: Taxpayers Union

21 AUGUST 2020FOR IMMEDIATE RELEASE
Jordan Williams of the Taxpayers’ Union is slamming the new Restructuring, Insolvency and Turnaround Association of NZ (RITANZ) for allowing its Chairman, PwC Partner and long-time commercial adversary of high profile liquidator Damien Grant, to chair the panel that decided not to allow Mr Grant into the new closed shop profession. Jordan Williams, a Co-founder of the Union, and friend of Mr Grant’s, said: “The whole idea of regulation was to get rid of cowboys and scurrilous practices in the insolvency sector.  But instead of coming up to scratch, the industry body has allowed Damien Grant’s key adversary to chair its Kangaroo Court.” “Last year, Mr Grant successfully defended an attempt by John Fisk to take over a very high profile liquidation.  Fisk lost badly – 156 votes to 60 – despite a determined effort by PwC to have Damien Grant replaced. The result would have been very embarrassing for PwC, and was widely covered in the business media.” “This looks to be more about ‘utu’ than protecting consumers or the reputation of the profession, and even if it’s not, the appearance undermines the whole basis of the regulatory body. I cannot understand how John Fisk thought for one moment it would be appropriate for him to be anywhere near these decisions.” “Instead of protecting consumers, the increased regulation has allowed the grey suits to take over and try to keep out anyone who doesn’t fit their mould, and funnel work to the big end of town. It is the definition of a ‘regulatory tax’.” “John is a smart guy.  It seems incredible to me that he would act in this manner and not recuse himself in this situation.  It speaks very poorly of the whole profession – that it would appear personal politics can be used by a PwC partner to force out his highest profile competitor.” Disclosure: Damien Grant is a member of the Taxpayers’ Union. Jordan Williams provided an affidavit in support of Mr Grant to attest to his character.  Mr Grant did not ask for, nor did he (or any representative) see this media statement before it was sent.  Membership of the Taxpayers’ Union is open to any New Zealand taxpayer for $25 at www.taxpayers.org.nz/join

MIL OSI