The High Court in Auckland is due to hear an application next Thursday for the appointment of liquidators to defunct carpet company Feltex.
Feltex is currently in receivership and Australian company Godfrey Hirst has agreed to buy the business.
The application has been made by the New ZealandShareholders Association, in its capacity as a company shareholder.
At least one substantial unsecured creditor is supporting the application, and has approached insolvency specialists McDonald Vague, to be the liquidators.
McDonald Vague said it envisaged there would be more supporting shareholders and creditors.
Feltex's unsecured creditors and shareholders have no direct obligations from the company's receivers, who work in the interest of security holders.
McDonald Vague liquidator John Whittfield said liquidators had powers to take any action which might benefit creditors, employees, and shareholders.
"In particular, the liquidators have a duty to form opinions as to whether the directors properly fulfilled their duties and obligations at all times and as to whether full and proper disclosure was made in respect of the Initial Public Offering."
Earlier this month it was revealed shareholder activist Tony Gavigan was gathering a group of Feltex shareholders to take legal action against parties associated with the company's controversial float.
Mr Gavigan, an auditor, said there were concerns the receivers were selling Feltex assets too cheaply and that Feltex may have been worth more broken up, rather than being sold as a going concern.
He has also applied to the High Court to become a company director of Feltex and has signalled he wants to look at putting a compromise solution before the creditors.
