Receivers for Tony tay film get it wrong

Yesterday I sent the following to the receivers of  Tony Tay film

Good morning Lisa

I refer to the invitation to bring  matters to the receivers attention  (11 on the   receivers first report )

I wish to advise you of the information I have  uncovered and is  posted on my blog Auckland film studios public losses private gains ?

In particular the massive discrepancies  with regards  the value  that  the receivers place on the  Auckland film studios  and the value which   the council place on it  through public documents.

Lisa replied

Hi Grace

The error in the estimated statement of realisation attached to our first report was bought to our attention just yesterday.  We are currently awaiting advice as to whether we can file a second report with the appropriate changes or if we must file an amended first report which takes 20 working days to effect.

Regards

Lisa

I provided  further infomation as follows

Thanks Lisa

it is really strange    that Kieran FITZSIMMONS is the   lender  to the company he is a director and shareholder of  .  he also has  shared  business shareholdings  through rehoboth   in Jireh entertainment  and SUCCESSFUL TRADING (NZ) LIMITED

Kieran FITZSIMMONS is also the   on site manager of  Auckland film  studios   .  It appears odd to outsiders that a shareholder should give a loan to  the company he is a director  of    and then   by having  given the company the loan place it  in receivership.  That surely must implicate on his directors duties  of solvency of the company  and to me it appears  like a  circular equation.

I do hope someone looks at why the loan was given  by a director through    the minority shareholder , it appears to me that if the director had wished to introduce more funds into the  company he was both a shareholder and director of  then   he could have done this by increasing his shareholding.

As Tony Tay  Film   Limited   doesn’t   have any other assets    you have to wonder if the loan was given to    keep the company solvent when it was not.

As some one  who deals with companies all the time  this   loan to your own company and then liquidating it  seems odd.

Kieran Fitzsimons is also the onsite manager of Auckland film   Studios  . the day to day operation and success of the  studios  is directly in his hands.    How can he be acting in a responsible manner for  Auckland film studio when he is seeking to   wind up the very company he is a director  of.

You have to wonder   why money was introduced into a company when  it was not reflected in a change in the shareholding. Or was to off set money transferred out of the company at the same time  if so where did it go to

I am also advising the IRD of my concerns.

In summary

Tony Tay film Limited    is share holder of Auckland  film studios

Until going into receivership   Fitzsimmons and  Tay were directors of Auckland film Studios

Fitzsimmons is still  the general manager of  the studios   charged with the day to day operations

Tony Tay film  has two share holders and two directors

It took over the  previous share holding in Auckland film  from the Tony Tay trust.

Tony Tay film is owned by Tony Tay trust 85% and REHOBOTH ENTERTAINMENT (NZ  15%

Tony Tay trust  and REHOBOTH ENTERTAINMENT  each have 50 % share holdings in

SUCCESSFUL TRADING (NZ) LIMITED  and JIREH ENTERTAINMENT LIMITED

Fitzsimmons was   the general manager of Tony Tay   Group

The loan was  registered to   Auckland film studios  by  Rehoboth  whose director and shareholder is also a director of  Auckland film studio  .  By giving that loan  he  know that  Auckland film studio was insolvent  and  as a director should not have received a loan  the company could not afford  especially since tony Tay trust  already had    other companies  going into liquidation and receivership . (JIREH Huka  ltd  march 2010 )

Just bringing this to your attention  .

 

 

 

Regards

Grace Haden

 

 

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