Inland Revenue applies to put property investment firm Propellor Property into liquidation

Monday, 20 June 2022

An application has been made to put high-profile property investment firm Propellor Property Investments into liquidation.

The application was made by the Commissioner of Inland Revenue (IR) on May 19

Propellor Property founder Nikki Connors said the application was part of a “heavy-handed approach” by IR and that an arrangement had been come to.

Propellor works with developers, matching new builds to investors looking to buy, provides financial advice and assessment, and receives a fee for setting up purchases.

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Propellor, founded in 2009, has offices in Auckland, Hamilton and Christchurch.

Connors has a high profile herself. She was a top advertising creative in the 1980s, working for Saatchi & Saatchi, before moving into property investment. In her 2016 book, Connors said that by the age of 27 she was earning more than the prime minister of New Zealand.

Connors, who refers to herself as the queen of New Zealand property, dismissed the application.

”We are in negotiations, and I have done this before. We have come to arrangement, and we’re fine,” she said.

“It’s just the typical thing where they take a heavy-handed approach, and we say we don’t owe this – and that’s what it is basically.”

She said companies had arguments with IR often, and she didn’t feel the application was relevant.

An Inland Revenue spokesperson said the department did not comment on individual tax matters.

The application is to be heard by the High Court at Christchurch on September 15.

CORRECTION: An application to put Propellor Property Investments into liquidation was made on May 19, not June 19 as previously reported. (Amended at 11.14am, June 22, 2022)