On 3 November 2009 the NZ Herald reported that the publisher of the tabloid newspaper NZ Truth, Truth Publications Ltd, had gone into liquidation owing “unsecured creditors and subordinated lenders $622,074”. A decision had been made to “sell its assets to the company’s masthead owner, Multimedia Solutions, for $70,000.” Truth publications Ltd (In Liq), directed by Dermott Malley, John Andrew Pin and Matthew William Horton, ceased trading on 31 August 2009 and was placed into liquidation on 21 October 2009. The NZ Herald notes: “A related party of Truth Publications called in liquidators Meltzer Mason Heath in September to find out how much the company would be worth.” (See companies diagram here.)
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What money is left for creditors of Truth Publications Ltd (In Liq)?
A liquidator’s report on Truth Publications Ltd (In Liq) dated 21 June 2010 has just today (5 July) been registered on the Companies Office website. It shows the balance for receipts and payments for the period ended 20 April 2010. A six-monthly report from the Liquidator was actually due out by 21 May 2010 informing creditors and shareholders on the conduct of the liquidation during the preceding six months. The report registered today only gives details on a meagre $5,850.79 of receipts comprising Pre Liquidation PAYE Refunds and GST Income. All of this money has been absorbed funding the Liquidator’s Remuneration and Disbursements, covering advertising costs, bank fees and GST Expenses. Whatever funds, however miniscule, are still held by the Liquidator, are subject to further costs of winding up. However, an estimated $622,000 is still owed to “unsecured creditors and subordinated lenders” as revealed in the first liquidation report. [Read more…]
Truth Publication (In Liq) owes $622,000 – “Outstanding filing obligations”!
The newly updated and reformatted Companies Office website was officially opened at 8 a.m. Monday 28 June 2010. It reveals as at 3 July 2010 that for Truth Publications Ltd (In Liq) – “There are outstanding filing obligations in relation to this companys insolvency”. The company was put into liquidation on 21 October 2009 and the Liquidator’s initial report highlighted that $622,000 was estimated as owed to “unsecured creditors and subordinated lenders”. The Liquidator’s six monthly report due out on 21 May 2010 has yet to be filed. [Read more…]
Stephen Peter Crow – Prohibition Dates for Banned Porn Company Director
Stephen Peter Crow was listed today, 28 May, 2010, on the New Zealand Companies Office Website as a Banned Director and Manager of Companies, effective from 16 April 2010 and ending on 16 April 2014, due to his offences committed under section 385 of the Companies Act 1993. His residential address is listed as are the companies he has directed which were central to his offending. Two are still in liquidation and two have recently been struck off the register following the completion of liquidation proceedings. The disqualification number assigned to Mr Crow is No. 0010025. In clear breach of the banning order he remains sole director of three other companies HWGA Company Ltd, Vixen Publications Ltd and Sidefx Ltd.
Steve Crow banned as company director for four years – TV3 News
Wed, 19 May 2010 9:20 p.m. By Jono Hutchison
Kiwi porn businessman Steve Crow has been banned from holding the position of company director for the next four years. He has been served with a notice by the Ministry of Economic Development, but says it’s unfair. Crow is vowing to fight the ban.
“I got served at home on Friday night,” he told Nightline.
“I am banned for four years and it covers not just New Zealand – but New Zealand and Australia.”
The ban is under a section of the Companies Act [s. 385], which is designed to protect the public from directors with a history of unsuccessful ventures. It has been used previously against directors from failed finance companies Five Star Finance and Bridgecorp.
“Personally I don’t believe if I wasn’t Steve Crow and it wasn’t the adult industry, that it would have even raised a flag to anybody.”