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An entity linked to troubled Auckland property group Du Val went into liquidation owing nearly $4.6 million in taxes to Inland Revenue.
Tui Terraces Limited Partnership was formed in April 2019 to build a townhouse development in Auckland, with both stages of the project completed prior to liquidation in October 2023.
In their third report released on 20 December 2024, liquidators Iain Shephard and Jessica Kellow of BDO Wellington, said the Tui Terraces' assets comprised $6.7m in loans made to related entities prior to liquidation.
BDO said the maturity dates of the loans were in December 2024 and December 2025, and said the book value of the loans "should be sufficient to clear all known liabilities".
But complicating the matter was the appointment of statutory managers for many entities in the Du Val Group by the High Court last year, after it was initially placed in receivership by the Financial Markets Authority.
John Fisk, Stephen White and Lara Bennett of PwC were appointed statutory managers.
BDO said the appointment of statutory managers had an impact on the collectability of the loans.
"We await further information from the statutory managers as to the assets and liabilities of the various debtors," BDO said in the Tui Terraces report.
The liquidators also received $2616 held in Tui Terraces' bank account.
Twenty associated limited partnerships and 46 subsidiaries in the Du Val Group were placed into statutory management in September 2024, but Tui Terraces was not listed in the names of those under statutory management.
The group was placed into statutory management as authorities became increasingly concerned about its "significant liabilities", with investors owed close to $240m.
