David (Dave) Ian Henderson, twice-bankrupt high-profile Christchurch property developer, and his business associate Ian Bruce Hyndman, appear to have been behind a Notice in the National Business Review (NBR) and one in the NZ Herald (22/05/13) that ran last year, apparently seeking “information” on chartered accountant Robert Bruce Walker, liquidator of Property Ventures Ltd (in receivership and liquidation), the parent company of interconnected companies owned or controlled by Henderson. Henderson was behind the failed $2 billion Five Mile town development at State Highway 6, Queenstown, near the Queenstown Events Centre, colloquially known as “Hendo’s Hole.
As sailors know, it is important at sea to avoid peeing to windward. The blow back can be very unpleasant. So can the result of trying to gather ‘dirt’ and throw it at a person and make it stick, when a very strong gale is opposing the thrower.
Dave Henderson who was bankrupted in 1996 and discharged in 1999, was then bankrupted again on November 29, 2010, the latter one of the largest bankruptcies in New Zealand’s history. By his own account he had gross personal debts of about $165m and $86m after the sale of secured assets. The debts come mainly from personal guarantees he had given on loans to his companies.
Bankruptcies are managed by a Crown authority called the Official Assignee (OA) and normally last for three years. Henderson remains an undischarged bankrupt because the OA filed a notice of objection to Mr Henderson’s discharge, pursuant to s 292 of the Insolvency Act 2006, on 28 November 2013. The OA “strongly suspects that Mr Henderson had entered into, carried on, or taken part in the management or control of businesses during his bankruptcy, contrary to s 149 of the Act. Mr Henderson strongly refutes the Assignee’s suspicions…” (quoted from High Court judgment dated 18 March 2014 – CIV-2010-409-000559  NZHC 499). The OA will summon Henderson to an examination of “the bankrupt’s property, conduct or dealings” during the period of imposed bankruptcy, to be held in the High Court commencing 9 June 2014. The Ministry of Business, Innovation, and Employment has confirmed the Official Assignee (OA) laid two charges against Henderson on 7 November 2013, alleging that between November 2010 and April 2013, Henderson failed to disclose information relevant to his status as a bankrupt. If found guilty or either charge, Henderson could be jailed for up to 1 year or fined $5000. (Some say he should “beveryafraid2” – see below).
The NBR/NZ Herald notices (noted above) with their bold headline “Robert Bruce Walker” may have been funded by Henderson and/or Hyndman, and states: “Anyone having dealings with the accountant Robert Bruce Walker of Wellington who would like to share their experiences, please contact urgently firstname.lastname@example.org “. (Henderson published a book [see ref. 1 below] – entitled “Be Very Afraid: one man’s stand against the IRD documenting his 4-year bsattle with the IRD).
Ian Bruce Hyndman, may have been acting for Dave Henderson, in placing this notice. What was the true nature of the apparent ‘fishing exercise”? Was its funder or agent seeking dirt’ on Walker? Henderson has been seriously disgruntled and unnerved by Walker’s vigour and tenaciousness in his pursuit as liquidator of Henderson’s company files and records, which he (Walker) claims he is entitled to as Liquidator under law, but which Henderson disputes (the Courts have supported Walker’s rights as liquidator). More importantly Henderson (and Hyndman) appear to have been incensed by the robust and meticulous detail of Walker’s published liquidation reports on his failed companies and what he (Henderson) perceives and alleges to be the “belligerent tone” and “lack of neutrality” in the reports, as reported in The Dominion Post today.
Is there any evidence that points to Hyndman and Henderson being behind the NBR/NZ Herald notices? Perhaps there is. The “administrator” of the domain name “beveryafraid2.co.nz” is none other than “Ian” (who fails to reveal his surname) of 25 Moorhouse Avenue, Addington, Christchurch,
Phone +64 3 3799908 Admin Contact Email Ian@classicscoupesandcollectables.com The Registrant Contact is listed as Macs Mint Motors, 25 Moorhouse Ave, Christchurch and contact details are identical to those of “Ian”.
“Ian” who appears to have financial interests in classic coupes and collectibles, and as a hobby, is the company director “Ian Bruce Hyndman” whose residential address is given on an annual return filed on the Companies Office Records on 20 September 2013, as 25 Moorhouse Avenue Christchurch (see e.g. Tay Holdings Ltd)
Ian Bruce HYNDMAN
25 Moorhouse Avenue, Addington, Christchurch, 8011, New Zealand
Over a short period before they were put into liquidation, Hyndman became sole director of many of the companies Henderson had been directing, as a result of being appointed contemporaneously with or slightly before Henderson resigned. In a similar fashion Henderson’s partner Ms Kristina Louise Buxton became sole director of others for a period prior to their respective liquidations.
Did Hyndman/Henderson choose an intimidating domain name “beveryafraid2.co.nz” to try and threaten and bully liquidator Robert Bruce Walker into ‘softening’ his liquidation reports or resigning from his job? By publicly notifying chartered accountants like Walker, who no doubt read the NBR and NZ Herald, that “someone” may be gathering ‘incriminating tit-bits’ (‘dirt’) from NBR/NZH readers, was Henderson seeking to curtail Walker’s efforts to determine the truth about the financial state of his failed companies? Was this potentially perceived threat part of the ‘professional’ ‘evidence’ gathering surveillance exercise that Dave Henderson, Ian Hyndman and licenced private investigator Wayne Idour embarked on – leading up to a formal complaint that was lodged by Hyndman with the New Zealand Institute of Chartered Accountants against Liquidator Robert Bruce Walker?
Yesterday (16 April 2014) that formal complaint against Walker by Henderson (Hyndman was the applicant) was heard in Wellington by the Institute’s Disciplinary Tribunal, having been referred to it following an earlier assessment (essentially a screening process) by its Professional Conduct Committee (PCC). These complaints consisted of allegations that Walker “had breached the professional standards of a chartered accountant” (Dominion Post 16/04/14. Page B4) when he referred to Henderson as a “little bastard and a “buffoon” in a phone conversation that took place in May 2011, and when he had allegedly issued two “unprofessional” liquidation reports relating to Henderson’s companies. Walker denied he had committed any breaches of professional conduct standards that apply to insolvency practitioners/chartered accountants.
Henderson/Hyndman had hired a private investigator Wayne Idour to seek information (‘dig dirt’?) on Walker and without the permission (consent) of Walker, Idour recorded a phone conversation he had with him, produced a transcript which included the colourful words quoted and supplied the ‘evidence’ to Henderson/Hyndman so it could be presented to the Institute, as part of a formal complaint, for their professional-academic-judicial scrutiny.
Details of ex-cop Wayne Idour’s attempts at seeking information (“digging up dirt’?) – “PI” tactics – employed in his “surveillance” of former Prime-Minister Helen Clark and her husband, which he has admitted was as a private eye on behalf of his Exclusive Brethren clients, and his “supply” of a porn film depicting rape and bestiality to a private function involving Dunedin police, are well known (see http://tvnz.co.nz/view/page/1122028)
Also see: http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10439767
It may well be a breach of the Code of Conduct that applies to all licensed private investigators (PIs) to record a conversation with a person under surveillance, without first getting their consent if the purpose of obtaining that recording is to supply it (and/or a transcript of it) to a client to be used as evidence in a Tribunal or Court to try and incriminate the person recorded.
If found guilty of such unprofessional and/or illegal activity, a PI can lose his or her licence. Perhaps Idour like Henderson should “beveryafraid2” !
There are 16 companies listed on the Companies Office website that have been put into liquidation at the time David Ian Henderson was sole director of those companies. They include (date when liquidation commenced noted in brackets):
Dweller Ltd (In Liq since 13/12/10)
Cashel Ventures (In Liq since 16/12/10)
Five Mile Holdings Ltd (In Liq since 09/02/12)
Montecristo Construction Company Ltd (In Liq since 07/09/09)
Hotel So Operating Ltd (In Liq since 09/02/12)
Lichfield Ventures Ltd (In Liq since 16/12/10)
North of Square Investment Ltd (In Liq since 09/02/12)
Tay Properties Ltd (In Liq since 13/12/10)
Te Anau Ventures Ltd (In Liq since 07/09/09)
Hotel So Corporation Ltd (In Liq since 16/12/10)
RFD Investments Ltd (In Liq from 08/11/10)
MCC Insulation Installation and Contracting Ltd (In Liq since 23/11/12)
Sol Joinery Ltd (In Liq since 23/11/12)
FM1 Ltd (In Liq since 30/06/10)
FM3 Ltd (In Liq since 30/06/10)
Companies put into liquidation at the time David Ian Henderson was a co-director (date when liquidation commenced noted) include:
Property Ventures Ltd (In Liq since 27/07/10)
Directors David Ian Henderson and Adolph de Roosh
David Ian Henderson has not yet been disqualified as a director by the Registrar of Companies under s. 385 of the Companies Act 1993, as have other failed company directors in recent years. Instead he is currently banned because he is an undischarged bankrupt. Henderson remains a listed director of at least one ‘company – Anthem Holdings Ltd which was registered from 20/12/99 to 28/08/08 and in receivership owing $11.4 million from 28/08/08 until 13/12/13. He was appointed director on 11/10/2002. However, the “books” have been closed by receivers of this company and no replacement director can be appointed to a defunct company (it will eventually be struck off the register).
FTG Trustee Services with a registered office at Canterbury Legal Services Ltd, 256 Memorial Avenue, Burnside, Christchurch, 8053, New Zealand, appears to be the company in which bankrupt Dave Henderson has his remaining ‘assets’ carefully shielded. It is a discretionary trust directed by his partner Kristina Louise Buxton. She was appointed sole director on 15 November 2010, shortly before Dave Henderson resigned on 1 December 2010. Her listed residential address is identical to that of Dave Henderson – Unit 58 The Heritage, 98 Worcester Street, Christchurch, 8011, New Zealand. All the shares in FTG Trustee Services are owned by bankrupt David Ian Henderson. (For list of all companies owned by FTG – see ref. 3 below).
FTG Trustee Services owns AFB Treasury Ltd, Equity Ventures Ltd and A Dog’s Show Ltd, all of which have Kristina Louise Buxton as sole director. Like their parent company, they all have their registered offices at Canterbury Legal Services, Burnside.
While it may be true that liquidator Robert Bruce Walker did use colourful and robust language to describe bankrupt company director David Ian Henderson to a private investigator in a phone conversation recorded in May 20911 without Walker’s knowledge – “so what?”, one might conclude. Is this language used in an informal candid conversation, any worse or unprofessional than that used by former Australian Prime Minister Kevin Rudd in public or that used in “professional” TV advertising under the Toyota brand! Liquidators have a B#GGER of a job sorting through the “hendoos” (see ref. 2 below) of this corporate world and assisting victims of their often reckless financial activities. Are chartered accountant/liquidators to be forced by the Institute of Chartered Accountants to use only the “Queen’s English” when talking to people they might consider potentially pugnacious provocative buffoons with alter ego problems, who engage in ‘fishing exercises’ dressed up as “professional” private eye- investigations, employ deceit and entrapment tactics, and/or may be operating out of the pockets of “bankrupt” serial litigants?
The Press reported that at the time David Ian Henderson was bankrupted for the second time in November 2010:
“He had about $142 million in personal debt, but was ambitious to the end.
“[His] insolvency proposal [to try and avoid bankruptcy] asked creditors for the chance to pursue more property developments on more borrowed money.
“The hubris was typical of the high flier, who still practises a Scientology offshoot called Zenith Applied Philosophy.” [Emphasis added]
Walker’s lawyer Richard Fowler, QC, said at the Institute’s hearing on Wednesday 16 April 2014 that his own expert witness would say what Walker had done with the Property Ventures liquidation [including his robust liquidation reports] was in fact a tribute to his professionalism.
1. Henderson, Dave (2007), Be very afraid: one man’s stand against the IRD, Christchurch, [N.Z.]: FTG Trust, ISBN 978-0-473-12751-0 A film – We’re here to help – based on the book was released in 2007.
2. Definition of “hendoo” see http://www.urbandictionary.com/define.php?term=hendoo
3. Companies Office website www.companies.govt.nz
All companies currently owned by
FTG TRUSTEE SERVICES LIMITED #
( # Appears to be one of bankrupt Dave Henderson’s ‘hidey-holes’ for his “assets”)
- A DOG’S SHOW LIMITED (2146309) – Shareholder
- AFB TREASURY LIMITED (2262586) – Shareholder
- AGW 2009 LIMITED (2203935) (Struck off) – Shareholder
- ANTHEM LIMITED (1615379) – Shareholder
- ANTHEM VINEYARDS LIMITED (896221) – Shareholder
- CASTLEREAGH PROPERTIES LIMITED (1248632) – Shareholder
- COTTESLOE INVESTMENTS LIMITED (1163851) (Struck off) – Shareholder
- DWELLER LIMITED (1797762) (In Liquidation) – Shareholder
- EQUITY VENTURES LIMITED (1419466) – Shareholder
- GIBBSTON WATER HOLDINGS LIMITED (1262659) (In Liquidation) – Shareholder
- GLOBAL INSTITUTE OF BUSINESS LIMITED (1260697) (Struck off) – Shareholder
- GP96 LIMITED (2365055) – Shareholder
- HOTEL SO CORPORATION LIMITED (2191178) (In Liquidation) – Shareholder
- LSDC LIMITED (1494689) – Shareholder
- NAVAL LIMITED (878699) – Shareholder
- ODEON PROPERTY HOLDINGS LIMITED (2455038) – Shareholder
- PIRIPAI SEASIDE VILLAGE LIMITED (2055507) – Shareholder
- RFD FINANCE LIMITED (1419746) – Shareholder
- RFD FINANCE NO 2 LIMITED (2239176) – Shareholder
- SO SYSTEMS LIMITED (2213656) – Shareholder
- SOL DEVELOPMENT CORPORATION LIMITED (2154481) – Shareholder
- TANNADYCE DEVELOPMENTS LIMITED (1888656) (Struck off) – Shareholder
- TANNADYCE INVESTMENTS LIMITED (489504) (In Liquidation) – Shareholder
- THE CARDRONA CATTLE COMPANY LIMITED (2436480) – Shareholder
- VIVENTE LIMITED (2241269) (Struck off) – Shareholde
Dave Henderson a ‘Buffoon’ – liquidator. Story by Hamish McNicol. Published 17/04/14
‘Enmity’ blamed for bankrupt’s setback. Published 31/01/14 http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11194472
Bankrupt Dave Henderson faces charges. Published 21/03/14
Property developer David Henderson placed in bankruptcy. Published 29/11/10
Developer faces tax charges. Published 28/02/12.
Valuation fee too much for Henderson. Published 15/06/10
Henderson dealt another blow. Published 30/11/10
Developer disputes liquidator’s allegations. Story by Michael Berry 20/09/12
Dave Henderson’s boob lift battle. Published 27/01/11
Liquidator on trail of payoffs made by developer. Story by Michael Berry. Published 19/09/12
Henderson, David Ian
- Section 10 and 36(1)(a) of the Financial Reporting Act 1993 for failing to complete financial statements, convicted and discharged.
- Section 15 and 38(a) of the Financial Reporting Act 1993 for failing to have audited financial statements, convicted and discharged.
- Section 18 and 38(b) of the Financial Reporting Act 1993 for failing to deliver financial statements to the Registrar of Companies, charge proved penalty $7,500 plus $130 court costs.
Sentenced on 15 June 2010.