The Star: September 20, 2018

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8 Thursday September 20 2018 Latest Christchurch news at www.star.kiwi The Star News Stonewood directors face reckless trading More details have emerged over the High Court action involving the collapse of Christchurch-based Stonewood Homes. Daisy Hudson reports QUEENSTOWN Mayor Jim Boult and the founder of Stonewood Homes Brent Mettrick are facing claims to pay more than $28 million over the collapse of the construction company, amid allegations of reckless trading. Both Mr Boult, who was a director of the company, Mr Mettrick who was managing director, deny the claims. Mr Boult said he acted in “good faith” as a director. Stonewood went into receivership on February 22, 2016, owing unsecured creditors $15 million. It was later placed into liquidation. About 110 home buyers were affected by the collapse. High Court documents show Mr Boult, who was Christchurch Airport’s chief executive for five years until he left in late 2013, and Mr Mettrick are accused of three counts of breaching their duties as directors. It is claimed the pair allowed companies to continue trading while insolvent, and Mr Boult “actively dissuaded” Mr Mettrick from accepting another buy-out offer, while making offers himself at the same time. The $28,369,000 civil suit was lodged in the High Court by liquidators Rhys Cain and Rees Logan. They are also claiming $267,592.20 from Mr Boult, alleging his director remuneration was unauthorised and unfair. Mr Mettrick is being sought for an additional $1,814,273. The claim relates to Stonewood Homes Ltd, Stonewood Homes Be in to win Elmwood Players have 5 Double Passes to the Breath of Spring Opening Night on Wednesday 3rd October, 2018 Entries close Monday 1st October at 5pm To be eligible, all entries must include your full name and contact phone number and be emailed to giveaways@starmedia.kiwi New Zealand Ltd and Holmfirth Group Ltd. The liquidators allege the group of companies traded from February 2014 while facing financial difficulties. These include insufficient working capital, extended build times, warranty and remedial issues and franchisees failing to pay franchise fees and causing reputational damage. The claim states “from approximately December 1, 2014, and certainly by March 31, 2015,” continued trading was likely to cause “substantial risk” to creditors, but the directors allowed it to continue. In his defence Mr Boult denies the allegations, denies the companies were insolvent for several months as claimed and said he did not make an offer to buy the company. He determined it was “reasonable” for them to continue to trade given funding and/or investment opportunities were “being actively explored” which would “alleviate the group’s financial challenges.” Four parties were considering investment in 2015 – Philip Carter, Guoxin, INNO and Warwick Isaacs/Mr Boult, the claim reads. Mr Boult admits he initially expressed “scepticism” about the likelihood of Guoxin investing. Neither Guoxin nor Mr Carter Jim Boult made an offer. He said what the claim described as a “final offer” from INNO was not in fact an offer, and was “not capable of acceptance as alleged.” Mr Mettrick said the INNO proposals were not conditional offers. Mr Boult also denies making an offer to Mr Mettrick with Mr Isaacs, who was appointed chief executive of the group on March 31, 2015. He said he was involved in submitting several “heads of agreement” (non-binding documents setting out key terms) in January 2016 which proposed a purchase by Denali Management Ltd or its nominee. WIN A HANMER PAMPER PACK! Drawn 1st November 2018. Terms and conditions apply. PRINTER TONER PHOTO PAPER PAPANUI STORE now located beside Couplands This is a classic English Comedy that was the inspiration for the 1960 film “Make Mine Mink” and is guaranteed to have people laughing in the aisles. A zany collection of misfits led by an aging military man go on a spree of robbing mink coats. An unlikely trio of women find new reasons to live ... until their housekeeper, an ex-con is suspected of the robberies. • City - 100 Fitzgerald Avenue Ph: 365 7739 • Hornby - 391 Main South Rd Ph: 349 8899 • Papanui - 93 Main North Rd Ph: 352 6419 Strength from struggle Remembering our courageous communities Over 70 events in Christchurch, Banks Peninsula and Selwyn! FOR more information visit ccc.govt.nz/heritageweek or pick up a printed guide at Christchurch City Libraries
The Star Latest Christchurch news at www.star.kiwi Thursday September 20 2018 9 Local News Now Fire rages, homes at risk allegations Mr Boult and his wife, Karen, are the sole directors of Denali Management Ltd. But in his statement of defence, Mr Mettrick admits Mr Boult and Mr Isaacs made two offers to him. Mr Boult resigned as a director on February 1, 2016. The plaintiffs say SHL and SHNZL were invoiced for a total of $667,299 over two years for Mr Boult’s remuneration. They allege Brent Mettrick the payments were not authorised, BY THE NUMBERS Mr Boult and/or Mr Mettrick •$6.941m (or amount decided by the court) for allegedly allowing SHNZL to continue trading while insolvent. •$18.528m (or amount decided by the court) for allegedly allowing SHL to continue trading while insolvent. •$2.9m for breach of directors duties. Mr Boult •$267,592.20 for repayment of director fees. Mr Mettrick •$1,814,273 of the funds obtained from ASB, which were allegedly used contrary to their agreed purpose. unfair to the companies and not entered in the interests register. Mr Boult agrees the companies made payments to Denali Management Ltd, but otherwise denies the claim. His remuneration was prenegotiated with Mr Mettrick, and he was “entitled to assume that Mr Mettrick had taken the appropriate steps” to authorise it. In their statements, Mr Boult and Mr Mettrick both denied that they put their personal interests before the interests of the companies, and said they relied on information reported by staff. Mr Mettrick founded the Stonewood Homes franchise in 1987, with 21 franchise locations across the country. No hearing date has been set. - Otago Daily Times What happened to the cat? Torture inquiry kept in-house • By Sophie Cornish SPCA CANTERBURY is refusing to release information about its investigation into teenagers who might have tortured and killed a cat. In August, The Star reported the SPCA was investigating a video posted on social media that appeared to show two youths torturing and killing a cat. Barry Helem Marianne Macdonald The video was posted by a 16-year-old girl who was a friend of the two youths that were the focus of the investigation. As a result of the video, the trio faced an online backlash. One of the youth’s parents said her son had been victim of “horrendous and disgusting abuse.” SPCA southern region general managerBarry Helem said it would not discuss the investigation because of the negative impact on the families and youths involved. “We are really not willing to make any more comment on that, because of that. We are going to keep it in-house,” he said. The investigation has been completed. Mr Helem refused to say if the investigation had determined if the cat was tortured and killed. Animal welfare group SAFE’s head of campaigns, Marianne Macdonald, said the number of young people abusing animals is increasing. “Every animal organisation is very concerned these instances are on the rise . . . it is being accentuated by social media making these videos shareable.” Ms Macdonald said cases like these highlight what she believes is a “huge gap in our education system.” “I feel very strongly that we need compulsory humane education . . . we are putting out the messages that bullying is unacceptable in schools and communities and that compassion needs to be extended to animals.” SAFE is trying to expand its programme in secondary schools called Animals and Us, which is designed to develop values of empathy and compassion. Currently, 170 secondary schools in New Zealand are actively using resources provided by SAFE. SPRING HEAT PUMP Combine a Ducted Central Heat Pump System with Fresh Air Ventilation for the Ultimate in Comfort. The Lossnay Fresh Air Ventilation System recovers energy from outgoing stale air to pre-heat (or cool) incoming filtered fresh air. Combined with energy efficient, whisper quiet and unobtrusive ducted whole home heating and cooling – you will experience a more comfortable, drier and healthier home… all year round. a Fridge! Purchase any Mitsubishi Electric Heat Pump before 30th September 2018 and go into the draw to win a Mitsubishi Electric Multi Drawer CX Designer Fridge! * $12,999 * 11.2kW Ducted Bundle VL-220CZGV-E and PEAD-RP100JAA $13,999 * 14kW Ducted Bundle VL-220CZGV-E and PEAD-RP125JAA $14,599 * 16kW Ducted Bundle VL-220CZGV-E and PEAD-RP140JAA *Includes basic installation only, conditions apply. Special ends 30th September 2018. 0800 324 678 www.dcis.co.nz HEAT PUMPS • AIR CONDITIONING • ELECTRICAL
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