Du Val Group

[king1]

Never heard of them - but sounds like they are not having a good day today

The High Court has put Auckland apartment developer Du Val Capital Partners and other Du Val Group companies into interim receivership after an application from the Financial Markets Authority.
The interim receivership orders were also made in respect of property developers Kenyon Clarke and his wife, Charlotte Clarke.
Police were seen entering the couple’s place of residence in Remuera today.
https://www.nzherald.co.nz/business/fma-...K25NJS5RE/

[Lilith7]

Not much fun for them.

[king1]

So what are the odds there has been some fraud involved?

The extraordinary move follows the group of companies being placed in interim receivership on August 2 after an application by the Financial Markets Authority (FMA) and police entering the Remuera home of property developers Kenyon Clarke and his wife Charlotte Clarke.

Asset preservation orders were issued and interim receivership orders were also made directly against the Clarkes.

In a statement tonight, Commerce and Consumer Affairs Minister Andrew Bayly said Du Val Group had recently gone into interim receivership, leaving significant liabilities.
“The situation is complex and of such a scale that immediate intervention is required to prevent broader harm.

“Statutory management is the option of last resort used to deal with complex corporate failure where ordinary insolvency law is inadequate. It is intended to protect investors and creditors from further losses and to enable the orderly administration of a company’s affairs.”
https://www.nzherald.co.nz/business/gove...1_aA%3D%3D