A high profile mortgage broker being investigated by the Economic Development Ministry for allegedly setting up a phoenix company has resigned from the board of the New Zealand Mortgage Brokers Association.
Sue Tierney, who is also president of the Auckland Property Investors Association (APIA), hit the headlines after she renamed and liquidated her company Mortgages by Design, leaving behind a large debt to a contractor.
The National Enforcement Unit of the ministry confirms it is investigating. But the Mortgage Brokers Association says it looked at details supplied by Tierney's lawyer and accountant and concluded it did not need to take any action.
However Tierney had decided to step down from the board anyway because of publicity surrounding the matter.
Meanwhile the APIA board had voted in support of Tierney in a confidence vote at its meeting last month, secretary Tony Steindle said. Steindle is also Tierney's solicitor.
On December 7 Mortgages By Design's name was changed to Pin Limited and on the same day a new Mortgages By Design company was incorporated.
On December 23 Pin was placed in liquidation owing about $421,000.
Broker in phoenix company probe resigns from group
Sue Tierney. Photo / Supplied
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