Previously sealed court documents and a redacted receivership report into troubled property developer Du Val Group paint an intricate picture for those owed money.
In a rare move, the company – owned by socialites Kenyon and Charlotte Clarke – was placed into statutory management by the Government in August. PWC has taken control of the entire company and its more than 60 entities. It owed about $250 million to creditors.
The couple have now been banned from leaving the country and had their passports and all assets seized.
The High Court ruled the 38-page report and some court documents could now be made public, raising serious concern about how investors, contractors and others were potentially owed hundreds of millions of dollars.
Team Cabling director Dave Burt said the issues plaguing Du Val were “next level”.
“In this industry, you kind of get a bit fed up donating to companies,” he said. “The projects that we have completed or the ones that have stalled, I don’t think we’ll see that money.”
The Ministry of Business was investigating two complaints related to retention funds, which are supposed to be set aside to protect sub-contractors.
PwC, the accounting giant now in full control, had found approximately $400,000 in retentions, after telling 1News last week that the collapse of Du Val was the most complex case it has ever encountered.
The report also detailed concerns about three funds 150 people were invested in, describing major governance issues as poor overall, as well as highlighting accounting issues.
“From self-audits to a lack of good financial audited accounts… you wouldn’t expect to see that in your family trust, let alone a company that is that large,” said Alex Vranyac-Wheeler from Master Electricians.
Burt said he thought there was a “real fear” from those owed that there was no money.
“It says there’s some in retentions, there’s still almost double that missing,” he said.
The report also revealed there were eight active court cases involving Du Val entities although parts had been redacted at the request of the High Court — including a list of items seized from the Clarke’s rented mansion in early August.