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Insolvency WatchShark Patrol's Insolvency Watch monitors the world wide web in New Zealand for liquidations, receiverships, bankruptcy news as well as reports of convictions of fraud and other 'white collar' crimes'. However as we also include events such as 'Solvent Liquidations' inclusion on this page does not always mean that the company, the directors and / or shareholders are insolvent.
A Kakanui man facing 99 counts of fraud, totalling $2.2 million, has sacked his lawyer at the last minute, delaying his trial until next year. James Lindon Graham, 67, escort, was due to appear yesterday morning in the Timaru District Court, where he was to be tried by Judge Phil Moran alone. Read the full article online >>> The Timaru Herald
An Auckland man has admitted fraud charges over a Green Acres franchise fraud, but still disputes the amount of money allegedly involved. Keith Lapham today entered guilty pleas in Auckland District Court to three charges of obtaining by deceit which were laid by the Serious Fraud Office (SFO). Read the full articvle online >>> NZ Herald – nzherald.co.nz
A senior accountant on a six-figure salary manipulated the company payroll to give himself a $10,000 pay rise. Name suppression was lifted on Friday when the man was convicted on seven fraud charges after a trial in the Auckland District Court. Read the full article online >>> NZ Herald – nzherald.co.nz Related posts
The High Court in Christchurch has placed controversial Christchurch developer and tax combatant David Henderson in bankruptcy. The bankruptcy ordered about 4pm today by Associate Judge Rob Osborne was the final chapter of a saga in which Henderson’s property and hospitality empire crumbled under the weight of debt. By his own account Henderson, who was also bankrupted in 1996, has gross personal debts of about $165m and $86m after the sale of secured assets. Read the full article online >>> The Press – press.co.nz
The Serious Fraud Office (SFO) today confirmed that it had been conducting an investigation into the affairs of Hanover Finance Limited for the past 3 months. SFO Chief Executive, Adam Feeley, said that the investigation had now reached a point where reasonable grounds existed to believe that fraud may have been committed and accordingly the investigation had been elevated to a “Part II” investigation under the Serious Fraud Office Act. “Given the intense public interest and media speculation, it has not been appropriate to make any public comment on this matter until we had a detailed understanding of the issues involved, and the entities and individuals behind the Hanover operation.” “We have undertaken extensive preparatory work and are now in a position to move into a more active phase of the investigation.” Mr Feeley said that the SFO had commenced issuing notices last week under section 9 of the SFO Act to over 30 individuals which would require their compulsory attendance at interviews and the production of documents relevant to the investigation. “Given the volume of notices which are now being issued, it was inevitable that our investigation would now become a matter of public knowledge.” “We are focusing on some very particular transactions, and specific individuals within Hanover management and their board.” Mr Feeley said that having considered the Securities Commission report and the complaints of a number of persons, including Allied Farmers, the efforts of the SFO investigation was best focused on several key areas relating to the payment of dividends and other transactions occurring immediately prior to announcement of the moratorium proposal, and debt restructuring involving the transfer of assets to Allied Farmers. “We will be interviewing a small group of key Hanover staff and professional advisers to seek explanations of these transactions.” Mr Feeley said that the even with a tightly focused investigation, the scale of the task was such that the SFO would be engaging significant external resources. “The interest in Hanover is such that it is in the interests of all parties to ensure it is carried out with the utmost professionalism and urgency.” “In addition to a large internal team, and collaboration with the Securities Commission and Registrar of Companies, we have engaged a number of New Zealand’s senior legal counsel and leading forensic accountants to assist us.” Mr Feeley cautioned that, notwithstanding the focus of the inquiry and the resources which would be devoted to the investigation, the public should not expect quick results. “It would be both unrealistic and unwise to think that an investigation of this complexity could be completed in a matter of weeks. This will be a lengthy inquiry and the only certainty from it is that any decisions reached will be the end result of a comprehensive and well-managed investigation.” For further information
Source: Serious Fraud Office Media Release
The Serious Fraud Office (SFO) today confirmed that it had been conducting an investigation into Hanover Finance for past three months and it has reasonable grounds to believe fraud may have been committed. SFO chief executive, Adam Feeley, said accordingly the probe had now been elevated to a “Part II” investigation under the Serious Fraud Office Act. Read the full article online >>> NZ Herald – nzherald.co.nz
A New Zealand winery more than a century old has gone into liquidation. Matakana Estate, the largest winery in the Matakana region and with a history of grape-growing going back to 1902, and its sister company Goldridge Estate, are up for sale after failing to secure financial backing for a costly expansion plan. Digby Noyce, of liquidators RES Corporate Services, told Decanter.com, ‘The owners… were looking at getting investors but with the current climate and the oversupply it was not a good time to do that.’ Read the full article online >>> Decanter.com New Zealand Companies Office records for MATAKANA ESTATE LIMITED
New Zealand Companies Office records for GOLDRIDGE ESTATE LIMITED
Govt-guaranteed firm goes into receivership Government-guaranteed finance company Equitable Mortgages called in receivers yesterday. The Auckland-based financial institution has around 6000 depositors and approximately $178 million in Crown-guaranteed deposits. Eligible depositors with Equitable Mortgages can claim repayment from the Crown, Treasury’s deputy secretary of financial operations Phil Combes said yesterday. Read the full article online >>> NZ Herald – nzherald.co.nz New Zealand Companies Office records for EQUITABLE MORTGAGES LIMITED
According to a statement released by the NZ Treasury, Equitable Mortgages has been placed in receivership. Equitable becomes the 62nd institution to fail since 2006, bringing the total deposits involved to NZ$8.575 billion, involving more than 200,000 depositors accounts Read the full article online >>> interest.co.nz New Zealand Companies Office records for EQUITABLE MORTGAGES LIMITED
Another Five Star guilty plea A second former director of failed Five Star Finance has pleaded guilty to theft charges laid by the Serious Fraud Office. Nicholas Kirk today pleaded guilty to charges of theft by a person in a special relationship, relating to the misuse of Five Star funds in breach of its trust deed. Marcus McDonald, another former director in the company, plead guilty to the same charges late last month. Read the full article online >>> stuff.co.nz |
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