Du Val co-founder Kenyon Clarke. Photo: kenyonclarke.com
Investigators are still struggling to get a hold on exactly how much the collapsed Du Val property group owes, one year after it went into statutory management.
But the latest update shows a limited number of investors are in for a partial repayment as some of the group's properties are sold.
The total known debt had fallen from $306 million to $268m since March.
That was in part because of the sale of some Du Val property interests - and the payment of some debts as a result.
But people owed money were continuing to come forward and the complete picture of the debt was not known.
The information was from the latest six-monthly report released by the statutory managers from PWC into the affairs of the group founded by Charlotte and Kenyon Clarke.
PWC has previously described the 70 Du Val entities and their relationship with each other as being like a bowl of spaghetti.
The latest report said the quest to understand the group was ongoing.
"The Du Val Group's accounting records are materially incomplete, with a large volume of related party transactions, requiring extensive further forensic accounting analysis," the report said.
In its March update, PWC had concerns about GST transactions, and also about assets in the Clarkes' personal possession that appeared to have been paid for by Du Val companies.
The latest report showed those concerns remained - and new ones has arisen.
But it did not want to disclose what they were so it did not prejudice any "formal action" that might arise.
The statutory managers - who were also the personal receivers for the Clarkes - wanted to interview the couple but the pair were fighting that in the courts.
PWC said it was continuing to investigate the Du Val directors and their actions to see if there were any other "avenues for recovery."
They are calling on people to come forward with any evidence that will help them.
Properties sold and some money repaid
The latest report showed some of Du Val's property interests and land had been sold or were in the process of being sold.
That included its Build to Rent fund developments in Mangere Bridge and Mangere East which sold for about $31m.
The Build to Rent, and a lease agreement associated with it could allow some Build to Rent investors to get 40 to 44 cents in the dollar back on their investment within the next three months, the report said.
However, those investors in Du Val's Opportunity Fund and the Mortgage Fund were unlikely to benefit.
The China Construction Bank had been repaid $18m.
Other developments or units were with real estate agents and some were under sales negotiations.
The report also showed and undisclosed number of Du Val employees has been paid $42,000 between them.
Inland Revenue had also received about $130,000.
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