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Mr McPhedran was removed from the institute's register of members after being found guilty of professional misconduct.
He applied to resign as a chartered accountant while disciplinary proceedings were under way, but, in accordance with Chartered Accountants Australia and New Zealand rules, his resignation was refused on the basis that there were matters before the disciplinary bodies.
Earlier this month, the body's appeals council dismissed an appeal relating to penalty, costs and name publication.
Michael Laws, who is representing Mr McPhedran, said his client sought that a judicial review consider previous accounting industry disciplinary tribunal and appeals council decisions ''that effectively stopped Mr McPhedran from being able to properly defend himself against two complainants''.
Evidence from Mr McPhedran and his witnesses that contradicted evidence of the complainants was not heard during disciplinary processes, Mr Laws said.
The claim was that there had been a breach of natural justice, procedural unfairness and a miscarriage of justice.
He said they had also lodged a separate complaint with the New Zealand Law Society, regarding the conduct of Mr McPhedran's original lawyer, who had been appointed by insurance company QBE, to represent Mr McPhedran as part of his public indemnity insurance cover.
Mr McPhedran has submitted his statement of claim to the High Court, which is now awaiting a statement of defence from the NZ Institute of Chartered Accountants.
A spokesman said Chartered Accountants Australia and New Zealand stood by its process and the decisions of its disciplinary bodies.
Members of Chartered Accountants Australia and New Zealand resident in New Zealand are also members of the New Zealand Institute of Chartered Accountants and are regulated by the New Zealand Institute of Chartered Accountants Act 1996.