Latest news with #DuVal
NZ Herald
2 days ago
- Business
- NZ Herald
Du Val founders will continue to have assets frozen and passports held by court
Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Du Val founders will continue to have assets frozen and passports held by court Kenyon Clarke, one of the founders of Du Val. Photo / Supplied By Rowan Quinn of RNZ The founders of the collapsed Du Val companies will continue to have their assets frozen and their passports held by the court, the High Court has ruled. Du Val is in statutory management, owing more than $300 million, and its main owners, Charlotte and Kenyon Clarke, are in receivership, with a preservation order on their assets. The Financial Markets Authority (FMA) obtained the interim order last August and the couple fought back against that at a hearing last month but the court has agreed with the FMA. In laying out the background to her decision, Justice Anderson said the High Court had the ability under the Financial Markets Conduct Act to make a range of protective orders for the benefit of 'aggrieved persons'.
1News
3 days ago
- Business
- 1News
Du Val founders assets remain frozen and passports held by court
The founders of the collapsed Du Val companies will continue to have their assets frozen and their passports held by the court, the High Court has ruled. Du Val is in statutory management, owing more than $300 million, and its main owners, Charlotte and Kenyon Clarke, are in receivership, with a preservation order on their assets. The Financial Markets Authority (FMA) obtained the interim order last August and the couple fought back against that at a hearing last month but the court has agreed with the FMA. In laying out the background to her decision, Justice Anderson said the High Court had the ability under the Financial Markets Conduct Act to make a range of protective orders for the benefit of "aggrieved persons." "These are individuals or entities who may have suffered harm or loss as a result of certain conduct that is under investigation by the FMA," she said. ADVERTISEMENT She noted the FMA's orders were opposed by the Clarkes but ruled they should continue until further order of the court. The morning's headlines in 90 seconds, including Ozzy Osbourne dies, a worrying find on Rakiura Stewart Island, and new Coke coming. (Source: 1News) The decision also upholds the receivership and the overseas travel ban placed on the couple. Justice Anderson's decision was heavily suppressed, mainly because of suppression orders that arose in hearing, some of which are under appeal. Then, each side had argued different aspects of the arguments or preliminary evidence could prejudice later action if made public.
RNZ News
3 days ago
- Business
- RNZ News
Du Val founders will continue to have assets frozen and passports held by court
Kenyon Clarke, one of the founders of Du Val. (File photo) Photo: The founders of the collapsed Du Val companies will continue to have their assets frozen and their passports held by the court, the High Court has ruled. Du Val is in statutory management, owing more than $300 million , and its main owners, Charlotte and Kenyon Clarke, are in receivership, with a preservation order on their assets. The Financial Markets Authority (FMA) obtained the interim order last August and the couple fought back against that at a hearing last month but the court has agreed with the FMA. In laying out the background to her decision, Justice Anderson said the High Court had the ability under the Financial Markets Conduct Act to make a range of protective orders for the benefit of "aggrieved persons." "These are individuals or entities who may have suffered harm or loss as a result of certain conduct that is under investigation by the FMA," she said. She noted the FMA's orders were opposed by the Clarkes but ruled they should continue until further order of the court. The decision also upholds the receivership and the overseas travel ban placed on the couple. Justice Anderson's decision was heavily suppressed, mainly because of suppression orders that arose in hearing, some of which are under appeal. Then, each side had argued different aspects of the arguements or preliminary evidence could prejudice later action if made public. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
17-06-2025
- Business
- RNZ News
Du Val directors Kenyon and Charlotte Clarke want assets unfrozen and passports back
Du Val director Kenyon Clarke. Photo: The Financial Markets Authority has hit back at claims by Du Val directors that it is to blame for the "train wreck" collapse of the property group. Lawyers for the authority and for Du Val's directors Kenyon and Charlotte Clarke have been in the High Court at Auckland this week, arguing about whether receivership should continue for the couple and the handful of Du Val companies not in statutory management. The Clarkes want to be out of receivership, their assets unfrozen and their passports returned from the control of the High Court. Their lawyer Ron Mansfield said receivership orders were "excessively broad" and oppressive and should end. The FMA had had months to investigate but had not come up with any solid evidence - and the Clarkes claim it was the FMA action that cause the train wreck, he said. However, FMA lawyer Jenny Cooper said that claim could not go unanswered. "It is assertion without substance," she said. The FMA had good grounds to step in and to keep investigating because the investigation was a complex one that would take time, she said. The Clarkes could speed it up by being more open with receivers and investigators, she said. A court directive to force the Clarkes to be interviewed by receivers under oath about their assets was currently being heard by the Court of Appeal. Cooper noted the very complex and large company structure of about 70 entities. "The Clarkes are not people who have straightforward accounting arrangements," she said. The receivership and associated orders were still needed because there was an ongoing investigation into the group, Cooper said The FMA presented evidence about why that should continue but much of it was suppressed so it would not prejudice any civil or criminal action that could follow. Justice Jane Anderson also noted the FMA was still in an investigation phase and the Clarkes had not had a chance to respond - and were not in a position to because of a lack of information. The FMA did not have to prove any wrongdoing at this hearing, just that there was enough evidence to show more investigation was needed and the receivership should stay. Most of the arguments about why the Clarkes should or should not get their passports back were also suppressed. Justice Anderson had initially allowed the argument to be reported, but Mansfield was seeking leave to appeal. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
15-06-2025
- Business
- RNZ News
Du Val property group collapse goes to the High Court
Du Val founder Kenyon Clarke and his wife Charlotte are in personal receivership and have refused to be interviewed by receivers. Photo: The collapsed Du Val property group is in the High Court today in a bid to fight the moves that ultimately led to it being put in statutory management. The group of about 70 entities owed about $300 million [ at last count. Founders Kenyon and Charlotte Clarke were in personal receivership. Du Val was put into statutory management in August - a move that could only be made by the government - at the recommendation of the Financial Markets Authority. It came after the group was initially put into receivership and the receivers PWC raised concerns about irregular accounting, the valuations of assets and about the companies paying for some of the Clarkes' personal expenses. The government said at the time that the scale and complexity of the situation meant statutory management was needed to prevent future harm. Kenyon Clarke has said the FMA and PWC have made the financial situation worse. He maintained that Du Val would have been able to deliver a return to its investors and contractors if the FMA had not stepped in. That was despite several creditors telling RNZ their bills stopped being paid, or were paid irregularly, in the run-up. The couple's lawyer Ron Mansfield KC was set to appear on behalf of Du Val and the Clarkes at the High Court in Auckland today, in what is expected to be a three day hearing. The receivership and statutory management processes have been continuing despite the court challenge. The Clarkes remain in personal receivership and their assets have been frozen. They have refused to be interviewed by receivers and are appealing a High Court ruling that would force them to. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
