Villa Maria founder George Fistonich suffers court setback

Villa Maria founder George Fistonich is warring in the courts with the receivers appointed to his company FFWL. (Image: NZME)

Oliver Lewis

Tue, 21 Jun 2022

The receivers appointed to a company owned by Villa Maria founder George Fistonich will be able to retain funds to defend against claims by Fistonich.In a judgment issued on June 16 but provided to the media on Tuesday, Justice van Bohemen dismissed an application from Fistonich and his company, FFWL, seeking to prevent receivers Brendon Gibson and Neale Jackson from retaining any funds.Gibson and Jackson were appointed to administer the receivership of FFWL, which acted as the holding company for Villa Maria Estate, in May 2021.A roughly $40 m...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Opinion

David Chaplin: Why platforms are responsible in Australia, not NZ

NZ investment platforms will add products if requested by enough advisers.

David Chaplin 5:00am

Economy

Weak economy sharpens debate on how deep the rate cut will be

The GDP contraction opened up the door for a 50bps cut.

Rebecca Howard 5:00am

Weak economy sharpens debate on how deep the rate cut will be

Markets

Power companies spend millions on television advertising

Four main generators spent a combined total of $33.5m from January to July on advertising.

Brianna McIlraith 5:00am

Power companies spend millions on television advertising

Sponsored

The double edge of AI in cyber security

Artificial intelligence has the potential to become both a lifeline and a liability for modern organisations, as a revolutionary tool capable of spotting threats at lightning speed, but also the ultimate weapon in the hands of cybercriminals.

Spark

Sponsored

AI agents: opportunity or graveyard? Spark’s five-point playbook for success

Artificial intelligence agents – autonomous digital entities that analyse data, automate decisions, and act independently – are set to drive a new wave of business transformation.

Spark Enterprise