BusinessDesk explains how the Du Val property group run by Kenyon and Charlotte Clarke was put under statutory management. Video / NZME
Kenyon Clarke, founder of insolvent Auckland property group Du Val, has been detained by police outside his home in the affluent suburb of Remuera this afternoon after an altercation with a photographer.
Clarke confirmed tonight he was detained briefly outside his VictoriaAve property about 4pm on Monday.
Images shared on social media appeared to show Clarke in handcuffs being escorted by police.
Clarke – a real estate developer whose property development group is currently in statutory management – told BusinessDesk the altercation involved a man who was attempting to photograph him and his family.
”My family has been stalked by lowlife mouth-breathers, so if someone is outside my house at the time when the kids are coming home, yelling stuff, I’m going to give them a pretty direct response,” he said.
”The situation is complex and of such a scale that immediate intervention is required to prevent broader harm,” Bayly said.
”Statutory management is the option of last resort used to deal with complex corporate failure where ordinary insolvency law is inadequate. It is intended to protect investors and creditors from further losses and to enable the orderly administration of a company’s affairs.”
Kenyon and Charlotte Clarke at Diocesan School for Girls as part of their work for the Du Val Foundations.
In a summary of estimated external obligations by the businesses headed by Kenyon and Charlotte Clarke as at August 31, PwC detailed:
First-ranking secured creditors owed $170.7m;
Investors owed $41.2m;
Unsecured creditors owed $18m;
Preferential creditors owed $7.5m, including employees and Inland Revenue.
That took the total estimated external obligations to $236,607,000, according to the summary.
Police and the Financial Markets Authority (FMA) raided the Remuera home when PwC was first appointed in August, seizing several firearms at the property.
BusinessDesk reported insurance and valuation documents found at the house indicated the existence of nine other valuable jewellery items, PwC’s lawyer, Michael Arthur, told the High Court in December.
Kenyon and Charlotte Clarke are behind the Du Val development group.
PwC was also seeking information about seven further jewellery items.
Receivers had “repeatedly” asked for information about the jewellery and for the items themselves, but the Clarkes had declined to answer questions, Arthur said.
