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New Zealand Petroleum Exploration Limited: ‘defunct’ company with issues of non-compliance

April 8, 2014 by SPCS Leave a Comment

The Registries Integrity and Enforcement Team (RIET) are part of the Companies Office.  Its  role is to ensure the integrity of the registers that are administered by the Companies Office, by proactively monitoring their use.  RIET primarily acts by seeking compliance or preventing misuse but, where appropriate, it prosecutes offences on behalf of the Registrar of Companies – Mandy McDonald.

The public are encouraged to contact RIET if they become aware of company directors who are failing to comply with the law.

see: http://www.business.govt.nz/companies/about-us/enforcement/contact-registries-integrity-enforcement

To help understand the crucial role of RIET consider the following case study:

John M Carr CPA (see photo: http://www.carr.co.nz/images/jmc.jpg) is one of the three directors of New Zealand Petroleum Exploration Limited (Co. No. 21102). See http://www.nzpetroleum.co.nz/

Formerly known as Triton Oil NZ Ltd, its directors are responsible for failing to file the company’s annual return due February 2014.

A notice on the Companies Office website states:

“This company is now overdue in its obligation to file an annual return. If the annual return is not filed immediately the Registrar will initiate action to remove the company from the register”.

Why would an experienced well-qualified director apparently choose to not fulfil his duties as required under the Companies Act 1993? Is it because there are issues involving unpaid tax? Is it to avoid public scrutiny of the apparently defunct status of this company that has carried a $7 million loss forward for many years? Has this massive loss carried forward each year benefited any one of the directors who each hold shares in the company? Has the director who holds the majority of the company’s apparently worthless shares sought to gain an tax advantage through this defunct company that has carried out no business for years? Why was this company not put into liquidation years ago?

The loss for taxation purposes carried forward by New Zealand Petroleum Exploration Limited was $7,342,904.78 in 2006 and $7,339,123.39 in 2007. In 2007 the company made $3,605.97.

See: Financial Statements for Year ending 31/05/2006

http://www.societies.govt.nz/scanned-images/35/BC10054779435.pdf

Financial Statements for Year ending 31 May 2007

http://www.business.govt.nz/companies/app/service/services/documents/9CD32865AB29E63DB6139AA7C3D5229A

The company’s registered office is Unit 13 C, 33-35 Apollo Drive, Mairangi Bay, Auckland, 0632, New Zealand, which also serves as the registered office for 20 other companies John M Carr CPA directs, plus another one he co-directs. He personally owns the majority of these companies.

New Zealand Petroleum Exploration Ltd (“NZPEL”) currently has three directors listed on the Companies Office register:

Malcolm James Hamilton BROWN
Residential address: 9/166 Oriental Parade, Oriental Bay, Wellington, 6012, New Zealand

Appointment date: 17 Feb 1993

John Malcolm CARR

Residential Address: 289 Cornish Point Road, Rd 2, Cromwell, 9384 , New Zealand

Appointment Date: 09 Nov 1994

Stuart Hamilton CAIRNS

[since 12/11/07 registrant of the domain name nzpetroleum.co.nz]

Residential address: 12 Greenlane Road East, Remuera, Auckland, 1449, New Zealand

Appointment Date: 09 Nov 1994

The largely meaningless shareholding records that have been filed each year with the NZPEL annual returns have largely consisted of a list of companies that are defunct (e.g. were struck off the register years ago).

The continuing listing of NZPEL on the register with its bogus shareholder listings has compromised the integrity of the Companies Office website. This example serves to highlight the importance of  the RIET.

For further details see:

https://www.spcs.org.nz/john-m-carr-and-more-defunct-nz-petroleum-exploration-limited-shareholders/

https://www.spcs.org.nz/john-m-carr-and-the-defunct-triton-energy-corporation-shareholder/

See: http://www.nzpetroleum.co.nz/

NEW ZEALAND PETROLEUM EXPLORATION LIMITED

Directors

Malcolm Brown
Stuart Cairns
John Carr

Contact

John Carr
john@nzpetroleum.co.nz

Stuart Cairns
stuart@nzpetroleum.co.nz

Shareholder information
registry@nzpetroleum.co.nz

Physical Contact Details

United States

22588 Scenic Loop Rd
San Antonio
Texas 78278
USA

Mail: 
P.O Box 780637
San Antonio
Texas 78255
USA

Fax: +1 210 694 7884

New Zealand

Unit 13C
33-35 Apollo Dr
Albany
Auckland
New Zealand

Mail:
P.O Box 28684
Remuera
Auckalnd 1541
New Zealand

 

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Filed Under: Enforcement Tagged With: Companies Office, John M Carr, John M Carr CPA, John Malcolm Carr, Malcolm James Hamilton Brown, New Zealand Petroleum Exploration Limited, non-compliance, Registries Integrity and Enforcement Team, Stuart Cairns, Stuart Hamilton Cairns

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