The Creditors of Independent Insurance Group (CIIG) will take legal action against PricewaterhouseCoopers (PWC) to see evidence it needs to pursue Independent's actuary Watson Wyatt.
The CIIG met last Thursday (25 October) to discuss its class action against those involved in Independent's collapse.
Class Law partner Stephen Alexander said Watson Wyatt was the group's best target because it could be proved the actuarial firm had a duty of care to Independent's shareholders and creditors.
"We can show Watson Wyatt clearly knew their advice was being used to satisfy market concerns about Independent," he said.
Alexander said the CIIG had already amassed a good amount of evidence, mainly provided by former Independent Insurance company directors.
He said he had requested further information from PWC, but was refused.
"The most compelling evidence lies with the liquidator and I'm actually very angry he has not provided it," Alexander said.
"We'll sue the liquidator to get this evidence if need be."
Liquidator Dan Schwarzmann would not comment in depth on the threat.
"The provisional liquidators know what their duties are and to whom they owe those duties," he said.
Alexander said the case against Watson Wyatt would be in court within two years.
The CIIG will not pursue KPMG, because the accountancy firm's duty of care was to Independent rather than shareholders and creditors.
Alexander said the Financial Services Authority and the Department of Trade and Industry would escape legal action because it was necessary to prove "malice" in their actions.
Independent's directors will not be pursued because their professional indemnity cover is low.