SPCS

SOCIETY FOR PROMOTION OF COMMUNITY STANDARDS INC.

David Ian Henderson – a two-time bankrupt accuses Liquidator of conduct breaches

by Leave a Comment

David (Dave) Ian Henderson, twice-bankrupt high-profile Christchurch property developer, and his business associate Ian Bruce Hyndman, appear to have been behind a Notice in the National Business Review (NBR) and one in the NZ Herald (22/05/13) that ran last year, apparently seeking “information” on chartered accountant Robert Bruce Walker, liquidator of Property Ventures Ltd (in receivership and liquidation), the parent company of interconnected companies owned or controlled by Henderson. Henderson was behind the failed $2 billion Five Mile town development at State Highway 6, Queenstown, near the Queenstown Events Centre, colloquially known as “Hendo’s Hole.

As sailors know, it is important at sea to avoid peeing to windward. The blow back can be very unpleasant. So can the result of trying to gather ‘dirt’ and throw it at a person and make it stick, when a very strong gale is opposing the thrower.

Dave Henderson who was bankrupted in 1996 and discharged in 1999, was then bankrupted again on November 29, 2010, the latter one of the largest bankruptcies in New Zealand’s history. By his own account he had gross personal debts of about $165m and $86m after the sale of secured assets. The debts come mainly from personal guarantees he had given on loans to his companies.

Bankruptcies are managed by a Crown authority called the Official Assignee (OA) and normally last for three years. Henderson remains an undischarged bankrupt because the OA filed a notice of objection to Mr Henderson’s discharge, pursuant to s 292 of the Insolvency Act 2006, on 28 November 2013. The OA “strongly suspects that Mr Henderson had entered into, carried on, or taken part in the management or control of businesses during his bankruptcy, contrary to s 149 of the Act. Mr Henderson strongly refutes the Assignee’s suspicions…” (quoted from High Court judgment dated 18 March 2014 – CIV-2010-409-000559 [2014] NZHC 499). [Read more…]

Former fraudster faces bankruptcy

by Leave a Comment

A former fraudster who was jailed for seven years for fraud totalling $6.4 million is facing bankruptcy unless he pays nearly $12,000.

The Bank of New Zealand yesterday sought for Patrick John Renshaw to be adjudicated bankrupt in the High Court at Wellington for failure to pay an undisclosed amount.

But the application was adjourned for a month, after an agreement was reached between the two parties.

Renshaw now has to pay a compromised amount of the debt, totalling $11,296.52, by April 7, or face bankruptcy.

Renshaw was involved in the high-profile collapse of Upper Hutt law firm Renshaw Edwards in 1992.

He was released on parole 32 months into a seven-year sentence on 42 charges of fraud and theft involving $6.4m of clients’ funds.

His partner, Keith Edwards, was jailed for six years on 51 charges of theft involving $3.5m.

Edwards served two years and seven months of his six-year sentence.

The bizarre collapse of the firm occurred after the two partners committed the respective multimillion-dollar frauds separately and unknown to each other.

The collapse eventually hit the pockets of 2800 of the country’s senior lawyers, resulting in tougher control of lawyers’ trust funds.

In 1996 the Law Society settled more than 400 Renshaw Edwards claims totalling about $29m.

The settlement cost the senior lawyers $10,000 each, as well as their annual $500 fidelity fund fee because their fidelity fund could not cover the payout.

The men were prosecuted for less than $10m by the Serious Fraud Office but the society accepted the men had caused clients losses of $29m.

Source: Fairfax NZ News. Published 04/03/14

See: http://www.stuff.co.nz/business/money/9785712/Former-fraudster-faces-bankruptcy

Note: Patrick John Renshaw is sole director of  Resource Management Research Services Limited and holds 178 (89%) of the company shares. He is sole director and sole shareholder of  Burma Holdings (2006) Ltd, Window Tint and Signs Ltd (In Liquidation since 18 June 2012) and many other companies.

Crafar Farms, Foreign ownership, May Wang & the Overseas Investment Act 2005

by Leave a Comment

Enforcement agencies such as the National Enforcement Unit (NEU) of the Ministry of Economic Development (MED), the Serious Fraud Office (SFO), the judiciary (the Courts/Justice system) and the Overseas Investment Office (OIO), all play a key role in upholding community standards, prescribed in law, promoting and serving the “public good” and advancing the welfare of New Zealanders.

The following is a case study that raises a number of pertinent questions about the role of the above agencies in upholding community standards. The spiritual, social and economic welfare of the public suffers when fraud, corruption and exploitation of the economically vulnerable is allowed to go unchecked.

On 21 October 2010 the SFO commenced a part I investigation into the financial transactions between Hong Kong-based Natural Dairy (NZ) Holdings Ltd and three NZ registered companies directed by Ms May Yan Wang: namely UBNZ Trustee Ltd, UBNZ Assets Holdings Ltd and UBNZ Funds Management Ltd. The focus is the involvement of these companies in the purchase of 16 dairy farms formerly owned by the Crafter family company that was put into receivership on 5 October 2009. [Read more…]

Porn king Steve Crow’s assets and bankruptcy considerations

by Leave a Comment

PORN KING’S ASSETS. The Sydney Morning Herald 26 August 2010

The Kiwi porn baron Steve Crow has said he would consider bankruptcy in a bid to get a major Australian supplier of sex toys and DVDs off his back. Crow, who defended himself in the High Court in Auckland yesterday is challenging a judgment of $39,000 owed to Calvista Australia. Calvista says it’s owed for goods supplied to Crow’s companies in New Zealand. Crow said Calvista had revived an old Vixen Direct account – one of his companies – after no dealings with him for six years. The Dominion Post reports that Crow, who is behind the annual Boobs on Bikes parade and Erotica Expo, was this year banned from directing or managing a company for four years. ”I do not have $39,000 in a bank account. I have assets many, many times that,” Crow said. ”The only issue is if I’m unsuccessful in this appeal … I would have to liquidate assets. The other choice is to bankrupt myself.”

http://www.smh.com.au/national/the-diary/a-latin-lover-is-good-for-alibi-20100825-13s8o.html [Read more…]