Du Val Property Group owed $237 million says statutory managers PwC
Thursday, 26 September 2024
Du Val Property Group was placed into statutory management on August 21.
PwC has been running the company since and have released figures on its financial situation.
PwC say work is progressing on two of DVPG’s developments
The Du Val Property Group owes $237.4 million according to the company’s statutory managers PwC.
The accountancy firm, which has taken over the running of the property company since it was put into statutory management by Cabinet on August 21, released a report on Thursday, detailing some of its financial figures.
In the report statutory managers John Fisk, Stephen White and Lara Bennett from PwC state that on August 31, the Group owed, $170.7million to first-ranking secured creditors, investors were owed $41.2m, $18, to unsecured creditors and preferential creditors were owed $7.5m.
PwC report put the estimated external obligations at $236,607,000
However, co-founder of Du Val, Kenyon Clarke told Stuff on Thursday evening that he refutes those figures.
PwC’s report says that on appointment as statutory managers it gave notice to parties with a registered security interest, issued requests for information to the Group’s advisors, issued requests for books, record and information about the affairs of the relevant entities to all directors, wrote to all known investors and briefed staff.
PwC say it is continuing to work with a wide range of stakeholders of Du Val to seek positive outcomes for those who have been impacted.
Construction works on two of the three development sites active at the date of its appointment have continued, with settlement of pre-sale contracts occurring as units are completed.
At the third site, on which only civil works had commenced, proposals for ongoing works are under consideration in consultation with the secured funder.
PwC say its investigations and analysis are ongoing and matters remain before the Court, it is unable to comment further.
When Du Val was placed into statutory management, Commerce and Consumer Affairs Minister Andrew Bayley said it was to “protect investors and creditors from further losses”.
But a group of minor shareholders of Du Val, which doesn’t include Kenyon or Charlotte Clarke disagree.
In a letter to Bayly on September 3, the shareholders claim the situation with Du Val has worsened since August 21.
in response Minister Bayly said:
“I am conscious that the reasons for my decision and the recommendation from the FMA have not yet been made available to the public,” he wrote.
“This is due to the ongoing court proceedings and FMA investigation requiring a level of confidentiality.”