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Du Val Group Placed Into Interim Receivership By High Court
The High Court has placed Du Val Capital Partners Limited, together with a number of entities within the Du Val Group, into interim receivership, at the request of the Financial Markets Authority – Te Mana Tātai Hokohoko. The interim receivership orders were also made in respect of Kenyon and Charlotte Clarke.
Interim Receivers are generally appointed to seek clarity around the financial position of a company or group of companies. John Howard Ross Fisk, Stephen Robert White and Lara Maree Bennett, licensed insolvency practitioners of PwC New Zealand have been appointed interim receivers of the Group. PwC New Zealand is to provide an interim report to the Court within ten working days or such other period as the Court allows.
The Court also approved the FMA’s request for asset preservation orders. The orders were requested to support the FMA’s active investigation into Du Val Group. The FMA will not provide further comment at this time.
The FMA understands currently there are approximately 120 investors in the Du Val entities, which were marketed as wholesale investments.
Du Val investors with questions on the interim receivership process should contact PwC New Zealand nz_duval@pwc.com
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