High-profile property developer and wholesale funds group, Du Val, has been placed into ‘interim receivership’ by the High Court following a Financial Markets Authority (FMA) action.
The order applies to “Du Val Capital Partners Limited, together with a number of entities within the Du Val Group”, according to a FMA release, as well as company founders Kenyon and Charlotte Clarke.
Furthermore, the court granted the regulator’s request for “asset preservation orders” to back its “active investigation into Du Val Group”.
“The FMA understands currently there are approximately 120 investors in the Du Val entities, which were marketed as wholesale investments,” the release says.
Du Val has been the subject of an earlier FMA court win in 2022 over misleading advertising but the latest move comes after the firm revamped its wholesale fund terms as well as reported wider troubles in the group.
“Interim Receivers are generally appointed to seek clarity around the financial position of a company or group of companies,” the FMA statement says. “John Howard Ross Fisk, Stephen Robert White and Lara Maree Bennett, licensed insolvency practitioners of PwC New Zealand have been appointed interim receivers of the Group. PwC New Zealand is to provide an interim report to the Court within ten working days or such other period as the Court allows.”