Government moved quickly on Du Val, says minister

Commerce Minister Andrew Bayly says there were very clear criteria for taking the step. (Image: Mark Mitchell, NZME)

Thu, 22 Aug 2024

The decision to place failed Auckland property development group Du Val into statutory management happened quickly, Commerce Minister Andrew Bayly says.PwC was appointed statutory manager of 70 entities associated with the Du Val group at 6pm on Wednesday.The move required approval from the Cabinet and then an Order in Council signed by the Governor-General.It followed a court order issued at the request of the Financial Markets Authority (FMA) placing 64 Du Val entities and its founders in interim receivership on Aug 2.PwC was also the interim...

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