The Companies Office website shows Chris Brine, whose address is listed as New Plymouth, is the sole director and shareholder of Brine Property Investments, whose total liabilities, according to the liquidator’s first report, are listed at $1.365 million.
The report for Brine Property Investments, which was incorporated in 2013, said the director and other parties advised it operated a commercial rental business, owning two residential properties in Dunedin. Its former registered office was listed as a St Kilda address.
Janet Sprosen and Leon Francis Bowker, of KPMG, were appointed as joint and several liquidators of the company in December last year. The following day, Elizabeth Helen Keene and Luke Norman were appointed on the resignation of Ms Sprosen and Mr Bowker.
The report said the director and manager of the company’s affairs had not provided a sufficient reason as to why the company failed. The liquidators had spoken to the director and manager to gain an understanding of the company’s business.
Information had been requested from the director and manager, as well as the company’s advisers and third parties.
"We have received some of the requested information and commenced our assessment to determine any available assets owned by the company, including potential recoveries and/or claims."
The two rental properties were tenanted and managed by an independent property management company. Rent had been collected by the property manager and paid into the company’s bank account, after deduction of their costs and disbursements.
Further rental payments would be forwarded directly to the liquidators’ bank account, less property management commission and expenses approved by the liquidators.
The liquidators had overseen the remedial work required on the properties which had been completed within the last month. One of the properties was listed for sale prior to liquidation.
There was some interest in the property but no formal offers were received. The liquidators were in discussions with a potential purchaser of both properties.
The liquidators would continue to take steps to realise all known assets; review and examine the company’s records and, if appropriate, conduct examinations of the director, manager and/or the company’s advisers; and identify options available to the liquidators to pursue recoveries under the provisions of the Act.
At this stage, it was not possible to provide an estimated date for the completion of the liquidation. The value of the properties was withheld in the statement of company assets so as not to jeopardise the potential sale of the properties, the report said.
A Companies Office search showed Mr Brine was also a director of Legendairy Property Ltd, along with Michael Harbott, of Dunedin. That company was registered in Dunedin last month and both men were joint shareholders.
Mr Harbott is also listed as sole shareholder and director of Sweet As Property Investments, a residential property investment company which was placed in liquidation by the High Court at Dunedin in September 2017, on the application of Bunnings Ltd.
The most recent update on the Companies Office website was the liquidators’ 10th report, covering the period from September 14, 2021 to March 13, 2022. Liquidators Iain McLennan and Boris van Delden said they had completed much of their investigations into the books, records, and affairs of the company.
As a result of the investigation, the director was to provide further information surrounding certain property transactions. They have identified some transactions in the director’s current account. The liquidators are in recovery discussions with the director.
