Du Val receivership: Tradies, cleaners left out of pocket

Tradies and cleaners are among those facing an uncertain future after the Auckland property developer Du Val Group was put into receivership, with investors and others now potentially millions out of pocket.

Du Val Group, founded by developers Kenyon and Charlotte Clarke, was placed into receivership earlier this month by the Financial Markets Authority.

The company's complicated web of entities is now being unravelled, revealing a growing list of creditors. An initial report by receivers PwC is due by Friday and is expected to contain more details for those still owed money.

Among those affected is Sarah*, a solo mother, who invested with the group on the promise of 10% returns. She spoke to 1News on the condition of anonymity, as Du Val made investors sign an agreement not to speak to media.

"I was just newly divorced and needed some safe investments," Sarah said.

"I wasn't told how high risk this was."

Sarah said she was assured access to her money whenever she wanted, but found the company dismissive when she tried to withdraw.

"Every time I tried to reach out to them and ask them when I can access my money, they were just dismissive," she said.

Sarah added: "I'm feeling very sad – not just for myself – and disappointed also for all the other investors that have trusted the company with their hard-earned money."

But the fallout extends far beyond Du Val's individual investors.

Subcontractors working on the company's developments reported facing irregular payments late last year, before they stopped completely.

Aniket Bapat of Deccan Property Services, a subcontractor, said his business was owed hundreds of thousands, which he said was "a major portion of my turnover for a year".

"A few months of sleepless nights, but then, what do you do? You just have to carry on."

He told 1News: "I was on the verge of losing my house, because that was the only thing that I could have done to be able to pay my creditors."

One upset subcontractor who arrived at a Du Val site where 1News was filming, claimed to be owed nearly $200,000 and had been forced to lay off staff.

Other subcontractors and service providers, including cleaners, report being owed tens to hundreds of thousands.

Most are too scared to talk publicly because they fear potential repercussions.

1News understands the Blues rugby team, sponsored by Du Val for the past couple of seasons, are among those owed money.

The Clarkes had previously expressed pride in their sponsorship, with Kenyon Clarke stating in a promotional video that it was "something we're hugely, hugely proud of".

The company's high-flying founders had been filming for an unreleased reality show documenting their property development ambitions.

1News approached the Clarkes' lawyer, but didn't receive a response.

Are you impacted? Email: katie.bradford@tvnz.co.nz

*Name changed to protect their identity.

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