John Edward Clancy sole director of Global Developments Madras St Ltd. This is the fourth company directed by Clancy that has been recently put into liquidation. On 7 August 2015, according to Companies Office Records, Garry Cecil Whimp of Blacklock Rose Ltd, Whangarei, was appointed Liquidator of this company that was incorporated on 18 October 2013 and has been jointly owned by FJ40 Trustees Ltd and John Clancy. The latest Annual Return the company filed was on 18 September 2014 and it was filed by Richard Somerville (Walker Townsend Ltd), Clancy’s accountant. Somerville is the sole director and owner of FJ40 Trustees Ltd.
John Clancy: Collapse of companies directed by John Edward Clancy prompts call for Companies Office oversight.
Story by Chris Hutching – National Business Review. Monday July 27, 2015 [Read more…]
John Edward Clancy, sole director of three building companies recently put into liquidation, has readily accessed the Companies Office website as “Presenter” and ‘authorised’ the record of a transfer of all the 80 shares listed as owned by “FJ40 Trust” in OJJ Christchurch Central Ltd – into the ownership of Riani Suhandi. These shares – 20% of the company – were “owned” by a “Trust” with no trustees names ever having been recorded against the shareholding record – a clear breach of the Companies Act 1993 by Clancy. [Read more…]
Christchurch’s Global Developments (Waltham) Ltd has gone into liquidation, having built this block of flats at 60 Waltham Rd for Housing New Zealand.
Another Global Homes company has gone into liquidation, just as it was to complete a $4 million sale to Housing New Zealand (HNZ). [It was put into liquidation on 22/07/15]
See SPCS Analysis of Clancy-directed companies
John Edward Clancy has set up four trusts which own all but two of the many companies he directs. These unnamed trusts, for the purpose of our Society’s analysis, are given the following names based on the “trustee services” companies involved in their formation: (1) “Clancy Trust” [Clancy Trustee Company Ltd] (2) “FJ40 Trust” [FJ40 Trustees Ltd], (3) “MF24 Trust” [MF24 Trustees Ltd] and (4) “FUBA Trust” [FUBA Trustees Ltd].
Here are links to two PDFs that set out the various ownership connections. [Note: Because Trusts are not “legal persons” they cannot by law be recorded by name on the Companies Office Register as holding/owning shares. Instead, the full legal names and residential addresses of the trustees of the trust are required to be recorded by the company directors as holding the shares on behalf of the (unnamed) beneficiaries of the trust].
The Society has submitted a number of formal complaints to the Registry Integrity Team of the Companies Office regarding breaches of the Companies Act 1993 by Mr Clancy and his accountant with respect to documentation they have filed with the Companies Office. [Read more…]