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A Hong Kong court has ruled that liquidators can pursue PwC across its global operations in connection with a Chinese property giant's collapse.
Liquidators are court-appointed officials who take control of a failed company and work to recover money for its creditors.
The decision has the potential to threaten the partnership network model that the world's four largest accounting firms use to operate, and that is the part the broader financial and audit world is paying close attention to.
How audit firms are actually structured The Big Four, a common shorthand for the four dominant accounting and audit firms, do not operate as single corporations in the way a manufacturing company or a bank does.
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