All posts tagged "Media Watch"

  • Tree Children owner Sara Raider went bankrupt owing $600,000
    Tree Children owner Sara Raider went bankrupt owing $600,000

    The strange saga of Nelson's quirkiest trinket shop has taken yet another twist, with the revelation that its owner ran up debts of more than half a million dollars during Tree Children's brief period of trading. Sara...

    • Posted May 19, 2017
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  • PK Furniture goes into receivership
    PK Furniture goes into receivership

    PK Furniture has gone into receivership. The chain has 16 stores around the country, which now bear notices telling customers they have entered receivership. Customers, who did not want to be identified, said they were concerned about...

    • Posted May 16, 2017
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  • Former Mad Butcher store placed in liquidation facing high costs and low margins
    Former Mad Butcher store placed in liquidation facing high costs and low margins

    A former Mad Butcher franchisee was not making enough money due to rising costs and low-profit margins, liquidators say. The company which formerly operated the Mad Butcher store in Papanui, Christchurch, went into liquidation last week. Insolvency...

    • Posted May 16, 2017
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  • Canterbury's Rolleston subdivision on backburner after liquidation
    Canterbury’s Rolleston subdivision on backburner after liquidation

    The $13 million failure of property company FCL Holdings means a planned 900-section housing subdivision at Rolleston is unlikely to proceed in the near future. FCL entered a purchase agreement in mid-2016 to buy the rural block...

    • Posted May 2, 2017
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  • Point To Point building company goes into liquidation leaving homeowners in the lurch
    Point To Point building company goes into liquidation leaving homeowners in the lurch

    A building company has collapsed owing almost $2 million to 130 creditors including 30 homeowners who have been left in the lurch, some of them for the second time. Point To Point Holdings went into liquidation in...

    • Posted May 2, 2017
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  • FMA concerned as Forex Brokers hole deepens
    FMA concerned as Forex Brokers hole deepens

    The collapse of a foreign exchange firm has sparked the interest of regulators and police as anticipated losses ballooned out to more than $15 million. Expected losses from Queen Street firm Forex Brokers, whose offices and website...

    • Posted April 20, 2017
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  • Alleged ponzi fraudster's hair and beauty business owes $1.4m
    Alleged ponzi fraudster’s hair and beauty business owes $1.4m

    A hair and beauty products company owned by a man who ran what is thought to be a significant ponzi scheme owes more than $1.4 million. The possible sale of the company has also been shelved after...

    • Posted April 20, 2017
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  • Less than 5% of fraud cases referred from banks investigated
    Less than 5% of fraud cases referred from banks investigated

    New Zealand's stretched police force investigates less than 5 per cent of fraud cases referred from the banking sector, documents reveal. Growing "traditional" demand in areas such as family violence has put pressure on police and meant...

    • Posted April 11, 2017
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  • Former director of Christchurch's Last Word declared bankrupt
    Former director of Christchurch’s Last Word declared bankrupt

    The former director of Christchurch whisky bar The Last Word is bankrupt and some creditors appear unlikely to see a cent. In 2015, Inland Revenue forced TJ & JBG Ltd, the company that owned The Last Word...

    • Posted April 11, 2017
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  • Waikato restaurateurs punished for $230,000 tax fraud
    Waikato restaurateurs punished for $230,000 tax fraud

    A couple who systematically defrauded the IRD over five years to the tune of more than $230,000 have been sentenced to home detention and community work. Flagstaff residents Hong Sog Kim, 47, and Hyun Joo Chung, 50...

    • Posted April 10, 2017
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  • NZ winery owner admits fraud in US

    The Overseas Investment Office (OIO) is reconsidering whether an United States businessman whose company bought sensitive land in Hawke's Bay remains of good character - after his guilty plea to a fraud charge. Charles Banks is the...

    • Posted April 7, 2017
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  • Tax evader's $1.77m home was bought from NZ's single biggest fraudster
    Tax evader’s $1.77m home was bought from NZ’s single biggest fraudster

    A $550,000 tax fraudster could serve his home detention in the Lower Hutt mansion he bought off the man responsible for the country's single biggest fraud. Tao Li, also known as Adam Li or Adam Lee, was...

    • Posted April 7, 2017
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  • Hastings lawyer sentenced for theft
    Hastings lawyer sentenced for theft

    A Hastings lawyer who stole almost $80,000 from clients during the latter years of a three-decade legal career in Hawke's Bay has been sentenced to six months home detention. David Porteous appeared before Judge Stan Thorburn in...

    • Posted March 24, 2017
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  • Schnapps founder and ex-Victoria University lecturer Ulf Fuhrer fighting bankruptcy bid
    Schnapps founder and ex-Victoria University lecturer Ulf Fuhrer fighting bankruptcy bid

    A former Victoria University lecturer — who founded an award-winning schnapps company — could be made bankrupt after racking up debts of more than $27,000. Aotearoa Distillers founder Ulf Michael Fuhrer, who is now a commercial real...

    • Posted March 22, 2017
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  • Mutual Finance offender gets sentence discount for document handover
    Mutual Finance offender gets sentence discount for document handover

    A "wilfully blind", thrice-bankrupted businessman was allegedly asked to destroy documents by the principal defendant in the collapse of two finance companies after the Financial Markets Authority. But his decision to instead draw the market watchdog's attention...

    • Posted March 16, 2017
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