Statutory managers appointed to Du Val group
21 August 2024
At 18:00 on 21 August 2024, John Fisk, Stephen White and Lara Bennett of PwC New Zealand were appointed statutory managers of 70 entities associated with the Du Val property development group (“Du Val”). The statutory management suspends the Court-appointed interim receivership appointments that were made on 2 August 2024 for the majority of the Du Val group entities. A full list of the entities that are now in statutory management is attached to this release.
John Fisk, Partner, says, “We are keen to ensure construction works continue on the active construction projects Du Val has and that it is business as usual for the rental properties. Our initial focus will be to preserve and realise best value for all stakeholders. We will be communicating with all creditors and investors, and will be conducting a thorough investigation. We will provide creditors and investors with regular updates on the progress of the statutory management.”
Du Val is a developer of large-scale residential property projects in the Auckland area. The statutory management appointment was made following the submission of a report by PwC to the High Court. The initial receivers’ appointment was made by the High Court on application of the Financial Markets Authority (FMA) under the Financial Markets Conduct Act 2013.
Please direct any further enquiries regarding the appointment to the FMA.
Du Val investors and creditors with questions on the statutory management process should contact PwC New Zealand at nz_duval@pwc.com.
Ends
Entities
| Statutory Management - Core | |
| Du Val Build to Rent Limited Partnership | |
| Du Val Group NZ Limited | |
| Du Val Mortgage Fund Limited Partnership | |
| Du Val Property Group Limited | |
| Statutory Management - Associated Persons | |
Alpha Centauri Limited Partnership |
|
Bernards Star Limited Partnership |
|
Du Val Commercial and Mixed-Use Fund Limited Partnership |
|
Du Val Development Fund No. 14 Limited Partnership |
|
Du Val Education Limited Partnership |
|
Du Val New Homes Limited Partnership |
|
Du Val Opportunity Fund Limited Partnership |
|
Earlsworth Limited Partnership |
|
Edmonton Road Limited Partnership |
|
Epsilon Tauri Limited Partnership |
|
Hill Top Apartments Limited Partnership |
|
Hillside Crossing Limited Partnership |
|
Investment Portfolio Management Limited Partnership |
|
Lalande Limited Partnership |
|
Parry Limited Partnership |
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Sunnyvale Terraces Limited Partnership |
|
Te Awa Terraces Limited Partnership |
|
Theta Scorpii Limited Partnership |
|
Trans-Tasman Pacific Limited Partnership |
|
Wolf 359 Limited Partnership |
|
Statutory Management - Subsidiaries |
|
Amble Valley Limited (formerly Du Val Developments Limited) |
|
April Elements Limited (formerly DVFS LIMITED) |
|
Blue Frame Holdings Limited (formerly Du Val Estates Limited) |
|
Blue River Holdings Limited (formerly Du Val Construction Limited) |
|
Clarke Media Group Limited |
|
Curie GP Limited |
|
Darwin GP Limited |
|
Diamond Box Limited (formerly Du Val Fashion Limited) |
|
Du Val BTR GP Limited |
|
Du Val BTR Limited |
|
Du Val Building Limited |
|
Du Val Capital Partners Limited |
|
Du Val Clubs Limited |
|
Du Val CMUF GP Limited |
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Du Val CMUF Limited |
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Du Val GP 1 Limited |
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Du Val GP 10 Limited |
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Du Val GP 11 Limited |
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Du Val GP 4 Limited |
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Du Val GP 5 Limited |
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Du Val GP 7 Limited |
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Du Val GP 8 Limited |
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Du Val GP 9 Limited |
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Du Val GP Holdings Limited |
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Du Val GP Limited |
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Du Val Investments Limited |
|
Du Val Land Limited |
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Du Val Management Limited |
|
Du Val Property Management Limited |
|
Einstein GP Limited |
|
Farham Limited (formerly Du Val Holdings Limited) |
|
Fiji Land Acquisition Limited |
|
Flipping Lids Limited (formerly Due Val PT NZ Limited) |
|
Franklin GP Limited |
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Galilei GP Limited |
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Get Started Limited (formerly Du Val Education GP Limited) |
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IPM General Partner Limited |
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Newton GP Limited |
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Orange Pineapple Limited (formerly Du Val Sales Limited) |
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Rising Holdings Limited (formerly Du Val HC Limited) |
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Shrub Holdings Limited (formerly Du Val Health GP Limited) |
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Techway Limited (formerly Du Val Corporate Services Limited) |
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Tribal Holdings Limited (formerly DVE LIMITED) |
|
TTPP General Partner Limited |
|
Water Alley Limited (formerly Du Val Architects Limited) |
|
Woodle Limited (formerly Du Val Acquisitions Limited) |
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