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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Company Directors Porn King Steve Crow and Dermott Malley, Porn Industry, Truth Weekly Tabloid, share transfer and company liquidation
Porn King Steve Crow was appointed co-director on 8 December 2005 of a company directed by Dermott Malley, and Linzi Frances Malley – Computer Shopper (NZ) Ltd (Co. No. 514464) – that is now in liquidation. According to the Liquidator’s Report dated 28 May 2009, it owes $163,550 to Second Ranking Preferential Creditor – the IRD – and $262,528 to over 40 unsecured creditors, with other debts yet to be assessed.
Dermott Malley and his wife were directors of the company from 14 May 1992 to 1 September 2006 and Stephen Peter Crow (Steve Crow) served with them as co-director for 11 months before becoming sole director after they resigned. Under Crow’s leadership the company became insolvent and Crow recommended to shareholders, that it be placed into liquidation on 27 May 2009. The Company is 100% owned by CVC Group Ltd (Co. No. 1738154), of which Crow is currently one of three directors and Dermott Malley is a former director (see below).