Auckland property developer and investor Du Val Group owes close to $240 million to creditors and investors, as its statutory managers reveal the extent of its financial obligations.
The group was placed into statutory management last month, as authorities became increasingly concerned about its “significant liabilities”, not long after it was placed into interim receivership by the High Court.
In their first report, statutory managers John Fisk, Stephen White and Lara Bennett of PwC, said $196.4m was owed to creditors, including $18.1m to unsecured creditors, $170.7m to secured creditors and $7.6m to preferential creditors.
PwC said a further $41.2m was owed to investors.
Du Val was placed in interim liquidation by the High Court earlier this month. (Source: 1News)
Of the preferential creditors, total employee claims were at $83,000, and Inland Revenue claims were at $7.5m.
The numbers were recorded at August 21.
The Du Val empire comprised of a network of four core Du Val corporations, 20 associated limited partnerships and 46 subsidiaries.
The group was founded and controlled by directors Kenyon and Charlotte Clarke.
PwC said not all companies and limited partnerships were in trade.
The multimillion-dollar property developer’s under investigation by the Financial Markets Authority. (Source: 1News)
The majority of creditor claims were lodged against Du Val Construction Limited, Du Val Property Group Limited, Investment Portfolio Management Limited Partnership, and Trans-Tasman Pacific Limited Partnership.
Creditors included 2Degrees, ACC, Auckland Council and Nova Energy.
Despite the details uncovered to date, PwC indicated there were further uncertainties about Du Val’s records.
“We note that, with the exception of actual cash on hand at the date of the statutory management, the figures contained in the tables in this report reflect the accounting records of the group entities,” PwC said.
“We have identified a number of limitations in respect of these financial records. Accordingly, the figures remain subject to change as analysis continues.”
By Anan Zaki of rnz.co.nz