The Financial Markets Authority (FMA) of New Zealand today confirmed that a number of entities within the Du Val group were placed in statutory management under the terms of the Corporations (Investigation and Management) Act 1989 (the Corporations Act).
Statutory management for these entities was announced by the Minister today, effective immediately. John Fisk, Stephen White and Lara Bennett of PwC New Zealand, who were appointed as interim receivers on 2 August 2024, have been appointed as the Statutory Managers.
The Corporations Act provides remedies to deal with complex corporate failures and is most appropriate where a company has, or may have been operating fraudulently or recklessly or, alternatively, where the ordinary law is inadequate to deal with an…
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