PHOTO: Kenyon Clarke
Frozen assets, massive debts & courtroom drama – what you need to know about the property empire collapse shaking New Zealand
🧨 A $300 Million Financial Storm…
The owners of embattled Kiwi property group Du Val have been ordered to front up 🧑⚖️ and answer tough questions under oath about their personal wealth, business dealings, and the mysterious web of assets behind their $300 million empire. 🏚️💰
Kenyon and Charlotte Clarke, the directors at the centre of the controversy, have come under intense legal scrutiny amid growing investor outrage 😠 and a full-scale investigation into what went wrong at one of New Zealand’s most prominent property developers. 🏢📉
⚖️ High Court Steps In After Refusal to Cooperate
After initially refusing to meet with appointed receivers PwC, the Clarkes have now been compelled by the High Court to attend formal interviews — with Justice Jane Anderson ruling that the investigation must go ahead for the sake of public and investor interests. 🧾🔍
🗣️ “Unless and until the receivers are discharged, they are charged with preserving the assets for the benefit of aggrieved persons,” – Justice Anderson
🧊 Frozen Assets, Legal Standoff & Conflict Claims
The Clarkes’ personal assets are frozen 🧊, and they are now under personal receivership, separate from the 70 Du Val business entities currently under statutory management. 🏦📑
The couple had claimed they couldn’t attend interviews without legal representation and also alleged that PwC had a conflict of interest, since the same firm is managing both the company and receivership process. ⚠️ However, the court dismissed this objection.
⚖️ Ron Mansfield, KC, has now been appointed to represent the Clarkes during the legal proceedings.
💼 What This Means for Du Val Investors
With over $300 million owed, including to mum-and-dad investors and property buyers across Aotearoa 🇳🇿, the pressure is mounting to trace which assets belong to the Clarkes personally — and what could potentially be recovered. 🧾💸
Unfortunately, early reports suggest that investors are unlikely to see much of that money returned. 📉
🧾 Timeline of Trouble
📍 Sep 6, 2024: Released court documents expose the true scale of Du Val’s financial woes.
📍 Mar 24, 2025: Updated debt figures show liabilities have ballooned to $306 million.
📍 Now: Court mandates direct interviews with the Clarkes, under oath.
❗ Why This Matters
The collapse of Du Val is shaping up to be one of the biggest property scandals in New Zealand history, and the fallout is only just beginning. Investors, regulators, and legal watchdogs will be watching every move from here — and many are still searching for answers.