Let's take Bridgecorp, for example:Quote:
Originally Posted by Balance
Date of Receivership: 2 July 2007 - PWC appointed
Date of 1st Receiver's report: 13 Sept 2007
The report details the liabilities and provides guidance on potential recoveries. However, and most relevant, is a section detailing matters for future investigation:
- specific transactions of the company
- how the company dealt with investor funds
- activities conducted by the company
- financial reporting practices
- compliance with the trust deed and legislation
- other specific matters raised by investors.
After 2 months, PWC had a plan. Clearly, they did not have all the information available - but they give the impression that they clearly know what they are looking for.
At the time of the 6th month report - elements of the litigation were already under way and even some matters concluded!!
Liquidation: 29th August - roughly a year after commencement of receivership.
Compare this with SCF and McGrathNicol - the 6 monthly report contains no outline of any action, much less concluding any action. McGrathNicol do not even indicate they have any sort of plan in place, even at this late stage.
Additionally, there is completely no timetable for liquidation. MrGrathNicol will simply plod along, soaking up gravy.
So Balance, are those girlish screams of "Tell me it can't be true" that I hear coming from your direction?