Pyne Holdings receivership rumbles on

• Author: Victoria Young
• Published date: 11 July 2022
• Publication title: Hawkes Bay Today

BNZ appointed receivers Neale Jackson and Natalie Burrett in April 2021 to Pyne Holdings, with the bank owed about $65 million at the date of their third report on June 28

The report said that Kerr disputes this amount in separate legal proceedings.

The receivers are still trying to get a declaration that Pyne Holdings owns more Pyne Gould Corporation shares, and are now preparing for discovery.

In their latest report, they also say they have “obtained orders in the high court of England and Wales to protect the company’s interest in its claim to the PGC shares while the high court proceedings in New Zealand are conducted”.

The receivers have already clawed back $8m for BNZ by selling South Island land and they want to get to the Pyne Gould Corporation shares because that company has interests in residential property in NZ and Australia.

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Costs in the receivership are already racking up, with legal costs from a number of court hearings at $993,582, although $135,208 has been awarded by the court to be paid by Kerr.

The receivers had been using Chapman Tripp for its New Zealand proceedings, but also used overseas firms. The receivers’ fees stand at $316,873.

The report said BNZ was funding costs through an overdraft.

Meanwhile, Kerr’s Guernsey-domiciled Pyne Gould Corporation was continuing to wind up its most valuable asset, Torchlight Fund LP.

Pyne Gould Corporation set up...