Companies associated with Du Val Group, a developer of large-scale residential property projects in Auckland, have been placed into statutory management by the Government under the Corporations Act.
The group, founded by developers Kenyon and Charlotte Clarke, was placed into receivership earlier this month by the Financial Markets Authority.
In a statement on the Government’s action, the Financial Markets Authority said the Corporations Act provides remedies to deal with “complex corporate failures”, and is most appropriate where a company has, or may have been operating “fraudulently or recklessly”.
Alternatively, the Act is also used where the ordinary law is “inadequate to deal with an orderly wind up of the companies”.
“In this case,…
