Receivers stymied by lack of records

Valiant Homes had been working on 13 building sites but was put into liquidation and receivership earlier this year. Photo / NZ Herald

The director of a failed Auckland building contractor that owes creditors almost $5 million has allegedly refused to co-operate with receivers.

The receivers also say that company records and its server were removed before their appointment and that the Valiant Homes' director claims to have no knowledge of where they are.

The receivers say the director, Hamish Clarke, has not disclosed the whereabouts of any remaining assets and that without records it is difficult to recover them.

Valiant Homes had been working on 13 building sites but was put into liquidation and receivership earlier this year. The firm, at that time, owed $3.2 million to Auckland lender Savings & Loans as well as $325,000 to Heartland Bank, which had security over some vehicles and equipment.

Unsecured creditors, such as suppliers, are owed $1.5 million.

The receivers, from PKF Corporate Recovery & Insolvency, said in a report on Monday that they understand the company vacated its North Shore office about two weeks before liquidation.

"All of the company's records were removed, along with its server and computers. The director claims to have no knowledge of the whereabouts of the server or records, and has refused to co-operate with the receivers. We understand that the director has not provided the computers or records to the liquidators either," the report said. "We have gained access to the company's Xero accounting ledgers, but the accuracy of some of the information is questionable [particularly debtor and creditor balances]."

The receivers said that as a result of Clarke allegedly refusing to co-operate they had been unable to prepare a statement of financial position for Valiant Homes.

They do say, however, that there is unlikely to be any money left for unsecured creditors.

The Herald was unable to contact Clarke yesterday.