Auckland apartment developers Du Val Capital Partners Limited and several entities within the Du Val Group have been placed into interim receivership by the High Court following a request by the Financial Markets Authority.
In a statement this afternoon, the authority did not elaborate on why the order was made but said, "interim receivers are generally appointed to seek clarity around the financial position of a company or group of companies".
The interim receivership orders were also made in respect of developers Kenyon and Charlotte Clarke.
Licensed insolvency practitioners from PwC New Zealand were appointed as 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 Financial Markets Authority’s request for asset preservation orders.
“The orders were requested to support the Financial Markets Authority’s active investigation into Du Val Group. The Financial Markets Authority will not provide further comment at this time.”
It’s understood there are around 120 investors across the Du Val entities, which are marketed as “wholesale investments”.
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Last year, the FMA issued a formal warning to Du Val’s investment arm, Du Val Capital Partners, for potentially misleading or deceiving investors.
It said information provided to investors in 2022 about a plan to restructure Du Val’s mortgage fund was misleading.
Du Val described itself on its website as "one of New Zealand's largest full-service residential-led property developers".
It has led developments of apartments and townhouses across central, south and west Auckland.
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