A report into who is owed money by collapsed property empire Du Val remains secret – for now.
In a rare move, the company – owned by 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.
But a receivership report has remained under wraps, with lawyers for Du Val arguing that it shouldn’t be made public.
There have been 700 insolvencies in the second quarter of this year. (Source: 1News)
High Court Judge Neil Campbell has heard an application from media outlets for the report to be released in the public interes, and has reserved his decision.
In a minute released late last week, Campbell acknowledged the public interest in the case.
The Financial Markets Authority applied for the Du Val empire to be put into liquidation and was investigating whether to take further legal action against it.
Between 120 and 150 investors were owed money through Du Val’s mortgage, build-to-rent, and opportunities funds. 1News has spoken to subcontractors and former employees who were also owed substantial amounts of money.
The multimillion-dollar property developer’s under investigation by the Financial Markets Authority. (Source: 1News)
Justice Campbell may make a decision in the next few days on whether to release the receivership report.
Are you affected by the Du Val (or related) collapse? Get in touch: katie.bradford@tvnz.co.nz
