“We have been advised by the company’s accountants that no financial statements were prepared,” the liquidators said.
Liquidators are now working to trace funds and recover what they can for Inland Revenue.
Big flipper
Prakash has previously been named by the Herald as one of New Zealand’s biggest flippers.
His trading network was so prolific it operated its own real estate agency – Hills Real Estate – to help it resell all the homes it bought.
A Herald investigation last year traced just a slice of the network’s activity.
It found 71 homes were bought by Hills-linked traders in 2021 and 2024 for about $54m and onsold for nearly $60m.
The Herald’s reporting first revealed the complex web of property deals and transfers.