Photo: Supplied However, PwC denies liability in the case which is being heard in the High Court in Wellington. A court judgement detailed the case, in which the Brierley companies - BIL NZ Treasury, GL Management PTE, GL, and Brierley Holdings - say that between 1998 and 2018 they acted on advice from PwC on how to use historical tax losses. The judgement noted the $1.582 billion in losses could only be used if they were offset against income generated, and the companies sought advice from PwC on the best way to hold on to the losses until that could be achieved. "Finally, they say that, during the financial year ending 30 June 2019, in circumstances which need not be described here, it became apparent that the advice that PwC had provided was wrong, and that as a result the opportunity to utilise the tax losses was lost," Associate Judge Kenneth Johnston outlined in a judgement published this week.