The Companies Act 1993 defines a phoenix company as being, in relation to a failed company, a company that at any time before or within five years after the commencement of the liquidation of a failed company, is known by a name that is also a pre-liquidation name of a failed company or is a similar name. When phoenix company arrangements are established in which the new company created bears a similar name, similar assets and similar management structure to a failed company, the purposes of such companies are usually part of a scheme either to circumvent obligations to creditors of the failed company (avoid debts owed) or to mislead the public into believing they are dealing with the same entity as previous, possibly as part of an attempt to mislead creditors of the previous company.
CVC Group Ltd directors alleged offences against Companies Act 1993
The following concerns have been raised by the Society with the National Enforcement Unit concerning CVC Group Ltd (Co. No.1738154) directed by Stephen Peter Crow (Steve Crow – aka “Mr Porn King” or “Mr Porn NZ”), “multi-millionaire property developer and tax accountant” John Malcolm Carr CPA of 14/31 Greenlane Rd East, Auckland City and Shirish Dattaram Vagal of 306 Bucklands Beach Rd, Bucklands Beach, Auckland (Society Report dated 10/08/09).