Du Val Group Court Report Released

5 September 2024

John Fisk, Stephen White and Lara Bennett of PwC New Zealand were appointed as receivers and managers of entities associated with the Du Val property development group (“Du Val”) on 2 August 2024. The receivers were required to report to the Court within 10 working days of the appointment. 

The receivers' report was prepared and submitted to address specific areas set out in the Court Orders appointing receivers to Du Val. The report comprises supporting information and the basis for the recommendations made. The recommendations are the result of preliminary investigations and analysis of information obtained during the 10 working days following the appointment.  

Our primary recommendation was to place the majority of Du Val into Statutory Management. This recommendation was made as a number of matters were identified for which further investigations were determined to be warranted, and the Du Val entities are highly complex and interconnected. We considered that a combined, controlled process presented the lowest risk to stakeholder positions in the various entities.

We continue to work with a wide range of stakeholders in respect of Du Val in order to seek positive outcomes for those who have been impacted. In this regard, construction works on two of the three development sites active at the date of our 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.

As our investigations and analysis are ongoing and matters remain before the Court, we are unable to comment further at this time. 

Du Val investors and creditors with questions on the statutory management process should contact PwC New Zealand at nz_duval@pwc.com.

For more information on Du Val