Sixty-four companies and partnerships in the Du Val group were put into interim receivership on Friday: 35 with Du Val in their names and a further 29 without, some recently changed.
The Financial Markets Authority (FMA) said on Friday it had been to the High Court to have PwC appointed interim receivers.
Accountants at PwC now run the apartment and townhouse development business, which also raised millions from investors to fund activities.
But the FMA only named Du Val Capital Partners and “other Du Val group companies” on Friday morning.
The scope of the number of entities only became clear once PwC notices were filed with the Companies Office, showing a far more extensive list than first indicated.
The names and numbers point to the scope of activities of the businesses headed by Du Val husband-and-wife founders ex-CEO Kenyon and current CEO Charlotte Clarke.
If the company names indicate what those businesses did, then fitness, health, build-to-rent, construction, apartment sales, mortgage funds, technology and media were part of their range.
There are so many entities that Companies Office notices first started to appear at 2.20pm on Friday and continued to flow for hours.
They did not conclude until 11.12pm.
Interim receivers John Fisk, Stephen White and Lara Bennett gave notice to the grantor of their appointment as receivers and managers under the Receivership Act 1993.
They named all 64 entities.
Many – but not all – have Du Val in their name. Some previously had Du Val but that was changed recently.
Those entities in interim receivership with Du Val in their names, listed in the order PwC posted, are: Du Val Capital Partners, Du Val Group, Du Val IP Holdings, Du Val Prop Tech, Du Val Connect Limited Partnership, Du Val Mortgage Fund Limited Partnership and Du Val Opportunity Fund Limited Partnership.
The list continues with Du Val BTR GP, Du Val Build To Rent Limited Partnership, Du Val Property Group, Du Val Investments, Du Val Building, Du Val Land, Du Val Property Management, Du Val Management, Du Val GP Holdings, Du Val Clubs, Du Val HC GP, Du Val Health Clubs Limited Partnership, Du Val CMUF GP, and Du Val Commercial and Mixed-Use Fund Limited Partnership.
And it continues with Du Val BTR, Du Val CMUF, Du Val GP 1, Du Val New Homes Limited Partnership, Du Val GP 5, Du Val GP 8, Du Val Education Limited Partnership, Du Val GP, Du Val GP 4, Du Val Development Fund No. 14 Limited Partnership, Du Val GP 7, Du Val GP 9, Du Val GP 10 and Du Val GP 11.
Those entities in interim receivership without Du Val in their names but part of what the FMA referred to as the “Du Val group” entities, listed in the order PwC posted begin with Coastway, Karapiro Corporate Trustees, Amble Valley, April Elements, Clarke Media Group, Blue River Holdings, Flipping Lids, TTP General Partner, Trans-Tasman Pacific Limited Partnership, IPM General Partner, Diamond Box, Woodle, Blue Frame Holdings, Farham and Fiji Land Acquisition.
That list continues with Shrub Holdings, Te Awa Terraces, Parry Limited Partnership, Get Started, Orange Pineapple, Rising Holdings, Techway, Tribal Holdings, Water Alley, Hillside Crossing Limited Partnership, Earlsworth Limited Partnership, Hill Top Apartments Limited Partnership, Sunnyvale Terraces Limited Partnership and Edmonton Road Limited Partnership.
Many of the entities have Waikato registered offices at chartered accountants Herbert Morton on Victoria St, Cambridge.
John Kenyon Clarke, Charlotte Marie Clarke and Owen Francis Tyrrell Culliney are directors of many of the businesses.
Fiji Land Acquisition was incorporated in August 2022. That was around the time Kenyon Clarke said he and his family were moving to Fiji.
“By nature, I’m an empire builder and there are times my family suffers because of this. I’m always putting off our comfort to work on the things that make me feel alive. Having a permanent home in Fiji before we travel the world is a gift to my wife and children. It’s stability and a place to breath [sic] and come home to,” Clarke wrote on social media in early 2022.
Some of the company and limited partnership names PwC has listed refer to apartment and townhouse schemes Du Val was developing, all in Auckland.
Te Awa Terraces is one such company. The project, Te Awa Terraces, is at 26-30 Earlsworth Rd, Māngere. New homes are under construction. Townhouses there advertised for sale from $855,000.
However, BusinessDesk reported on July 17 that 15 Du Val businesses had changed their names lately so some previously with Du Val in their names now have new titles.
Those include Du Val Construction which became Blue River Holdings, Du Val Holdings which became Farham, Du Val Health was re-named Shrub Holdings, Du Val Fashion was renamed Diamond Box, Du Val PT became Flipping Lids and Du Val Wealth became Coastway.
On Friday, the FMA and police visited the Clarkes’ Remuera address and were seen removing several items.
The interim receivership orders were also made in respect of the Clarkes. Asset protection orders were also granted.
Some of the Du Val planned and completed projects are:
PwC might file an initial interim receivership report around the middle of this month saying much more about the 64 entities.
But no timeframe has been given.
Attempts on Friday to reach CEO Charlotte Clarke and lawyer/director Owen Culliney of Waikato and Bay of Plenty law firm iClaw were unsuccessful.
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
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