Eden Digital Ltd liquidation follows liquidation of Payroll Solution Services Ltd

November 25, 2011 by Leave a Comment

The Commissioner of the Inland Revenue made an application dated 20 June 2011, to place Payroll Solution Services Ltd (Co. No. 1382579), directed by John M Carr CPA (see photo:  http://www.carr.co.nz/images/jmc.jpg) in liquidation. The application was heard by High Court at Auckland on 5 August 2011 (CIV-2011- 404-3727). The failed company, owned by Cherokee Holdings Ltd, which is also directed by John M Carr, was placed into liquidation by the High Court pursuant to s. 241(2)(c) of the Companies Act 1993 on 2 September 2011. It The was incorporated in August 2003 to provide “services to a few large clients“, according to John M Carr, as noted in the liquidator’s report dated 5 October 2011. The Liquidator, Craig Alexander Sanson, also reported:

“We were advised that the company provided services exclusively to companies related to the director [John M Carr]. The company ceased to trade in April 2011…. [Emphasis added]

“The director advised that a large payroll client ran into difficulty when they lost a customer and suffered cash flow problems. The client was unable to pay the company [Payroll Solution Services] and subsequently the company has insufficient cash flow to meet its tax obligations. The company was liquidated on the petition of the Inland Revenue Department. [Emphasis added]

“The director advised that as at liquidation date the company held no realisable assets.”

The liquidator will no doubt want to identity the “large payroll client” John Malcolm Carr CPA refers to here that he claims lost a “customer” leading to its failure to pay for services rendered it by Payroll Solution Services Ltd, thereby causing the latter to have “insufficient cash flow to meet its tax obligations”?

Let us examine some of the possibilities:

1. PJ Digital Ltd 

This is a NZ registered company which John M Carr owns and directs. and which owns a property in Freemans Bay, Central Auckland. It owns the domain name belex.co.nz and is owner of Belex Carding Co – a wool scouring machinery operation – located in Central Otago (see ref. 1). The accounts for PJ Digital Ltd were serviced exclusively by Payroll Solution Services Ltd (In liq) directed by John M Carr, up until about April 2011 when the latter ceased trading (according to Mr Carr).

PJ Digital Ltd owns the trade mark to the business Pacific Alpacas (www.pacificalpacas.com) of which John M Carr is principal agent (see ref. 2). It was through this business  that John M Carr sought unsuccessfully to sell a shipping container load of about 10,000 kgs of scoured alpaca fibre worth about $100,000, to a US customer in 2011. The deal fell through about the time John M Carr told the liquidator that Payroll Solution Services Ltd ceased trading (April 2011).

The raw fibre was sourced by John M Carr and his agents from 121 New Zealand suppliers and the US order was cancelled by the customer just prior to the consignment being shipped. The fibre  has subsequently been sold off to other buyers after Payroll Solution Services Ltd is supposed to have ceased to trade (April 2011, according to Carr). 

John M Carr first notified his NZ alpaca fibre suppliers on 2 June 2011 that the US customer had reneged on the 10,000 kg purchase.  As a result he says he was forced to find alternative buyers for the container load of fibre and he informed all fibre suppliers on 29 December 2011 via his website www.pacificalpacas.com that he hoped to have all his creditors paid in full by the end of the first quarter of 2012.  He told them that the value of the original fibre stock was $99,000, but this would probably reduce to about $94,000 when it was all finally sold. He informed them that invoices were still being issued in January 2012 to customers buying the remaining fibre.

So why has Payroll Solution Services, Ltd. directed by John M Carr, been unable to pay its creditor – IRD?

As noted, he told the liquidator it was because “the company had insufficient cash flow to meet its tax obligations… and ceased to trade in April 2011″.

If he was trying to somehow shift the responsibility away from himself as director of Payroll Solution Services Ltd and onto PJ Digital Ltd, (a possible candidate as the “large payroll client”); this makes no sense as he owns and directs the latter company. If PJ Digital Ltd was ultimately responsible for the failed sale agreement involving $100,000 worth of fibre, could this failure in itself be blamed for its lack of “cash flow” leading to the liquidation of Payroll Solution Services Ltd?

This suggestion seems implausible if the following claims made by John M Carr after April 2011, are true…

Despite having informed the liquidator that Payroll Solution Services Ltd had ceased to trade in April 2011, John M Carr had written to alpaca fibre suppliers on 2 June 2011 stating:

“The worst day of this project was Wednesday May 11th 2011…. Since then, we have sold 40% of the stock he [the US buyer who reneged] had committed to buy, have 10% on firm offer, but to five different customers at prices that were better or equal to our original budget in US dollars…

“We will provide an accounting for the prices that we have achieved by the end of June now that we have some visibility as to all the costs and realised prices for 50% of the fibre.

“Payment will be by Direct Credit. Please complete the attached form…”

In a letter to the Fibre Pool dated 4th July 2001, John M Carr wrote:

“We have sold, or got commitment for $77,000 of fibre. We have total stock valued at $99,000 – about $5,000 less than US commitment…

“We have received payment for $22,000 of the fibre as of June 30th 2011. We have sales receivable of $52,000 … and we have 6 bales … worth approximately $22,000.

“I would like to do another collection [of fibre] in the North Island in late September [2011] once the majority of the funds have been paid out.”

The domain name “pacificalpacas.com,” used by Mr John M Carr to communicate with “all participating [NZ fibre] growers” and to market his business in NZ, was registered with Godaddy.com on 2 November 2010. It is owned by a US-registered corporation Better Business Services, Inc. – PO Box 780637 San Antonio, Texas – a corporation owned and directed by John M Carr.

This brings us to the second potential “large payroll client” that John M Carr may well have been pointing the liquidator to as the culprit that caused Payroll Solution Services Ltd to be be unable to pay its taxes and consequently be put into liquidation.

2. Better Business Services, Inc.

This corporation is registered in the state of Texas (Taxpayer No. 17422888796 File No. 0067876000 SOS Reg. date 7 November 1983). It is also registered to do business in the state of Florida and John M Carr is its registered agent and principal (FEI/EIN No. 742288879. Doc. No. Po3291. Date filed 9/06/1984).

The domain name pacificalpacas.com is found at at IP address 184.172.4.10 along with the domain names: johnmcarr.com  bbs.co.nz and bbstax.com – and all are owned by Better Business Services, Inc./John M Carr. This strongly suggests that the John M Carr’s Pacific Alpacas business is owned or at least part-owned by Better Business Services, Inc./John Carr.

According to what John M Carr reported to the liquidator, the NZ registered company Payroll Solution Services, Ltd had no employees or assets at the time it was put into liquidation on 2 September 2011, four months after he claimed all trading operations had ceased in April 2011.

The Liquidators have since analysed the books and records of the company and have identified a claim against the director John M Carr. They state in their second report dated 26 April 2012:

“We have made demand for this claim and expect to receive a response within the next month.”

Who has made this demand?

Perhaps John M Carr has structured his convoluted company network such that the hardcore porn businesses owned by Better Business Services Inc. are all serviced by Payroll Solution Services Ltd (In liq). If so the “large payroll services client” that caused the demise Payroll Solution Services Ltd may have been Better Business Services, Inc. To put it crudely Mr John M Carr may have engineered his own downfall himself using himself as the agent!

3. Payroll Solution Services, Inc. – An “active” corporation formed in the State of Florida (FEI/EIN 742650806. Doc. No. L42315 filed on 1/10/90). Principal address: 1621 Hillcrest St, Orlando FL 32803-4809 US. Mailing address: P.O. Box 780637 San Antonio TX 78278-0637 – the business address for John M Carr, who is registered agent, principal and director of the corporation.

New Zealand and US tax authorities will no doubt be very keen to establish the true nature of the relationship, if any, between Payroll Solution Services, Inc (Florida), and the NZ registered company Payroll Solution Services Ltd (In liq). The latter as noted, is fully owned by NZ-registered Cherokee Holdings Ltd, directed by John M Carr. (Cherokee Holdings Ltd is owned by The New Zealand Guardian Trust Company Ltd).

Perhaps Payroll Solution Services Inc. (Florida) was the client of  Payroll Solution Services Ltd (In liq) that failed to pay its bills for services rendered by Mr John M Carr!

4. Eden Digital Ltd (In Liq) - directed by John M Carr from 23 April 2008 to 13 September 2011. (It specialises in the marketing of hard core pornography and held the licence for Erotica Lifestyles Expo. One of its former directors, Steve Crow, was banned in 2010 from being a company director for four years).

Three months after John M Carr resigned as director of Eden Digital Ltd (In Liq), the company was put into voluntary liquidation on 22 November 2011, by the actions of its shareholder - CVC Group Ltd – which has John M Carr as its sole director. The Liquidator’s first report filed on 23 November 2011, records that Eden Digital Ltd (In Liq) “has suffered cash flow problems over the last 24 months“.

Was the “large payroll client” that caused the collapse of Payroll Solution Services Ltd in fact John M Carr’s Eden Digital Ltd?

This failed hardcore porn company does seem to fit the bill and tick all the boxes with respect to its cash flow problems which have become almost legendary due to wide media coverage of its financial meltdown and the link between its director John M Carr and his “business partner” – banned company director Steve Crow.

Listed among the 22 unsecured creditors of Eden Digital Ltd (In Liq) in the Liquidator’s first report filed on 23 November 2011 are two companies owned and directed by John M Carr: PJ Digital Ltd P.O. Box 2864 Remuera, Auckland; and Better Business Services, Inc., PO Box 780637 San Antonio, USA.

Better Business Services, Inc. owns the domain names of a number of hard core porn websites linked to Eden Digital. The debt Eden Digital Ltd owes PJ Digital Ltd may relate to the use of its accomodation units in Freemans Bay, Auckland, owned by the latter, and used by Eden Digital staff and/or porn star imports performing in Erotica Lifestyle Expo events.

According to John M Carr, the “large payroll client” of Payroll Solution Services Ltd, that caused the latter’s demise, “ran into difficulty when they lost a customer and suffered cash flow problems”.

Is it possible that Eden Digital Ltd had a customer unable to clear a debt, causing it to suffer cash flow problems? Many businesses face similar difficulties in hard economic times. One only needs to look at the list of 22 unsecured creditors in the first Liquidation Report on Eden Digital to find evidence of this!

Significant  Points to Note:

Better Business Services, Inc., a foreign-registered corporation, owns the Pacific Alpacas website and PJ Digital Ltd a NZ-registered company, owns the Pacific Alpacas business trade mark. Both companies are owned and directed by John M Carr. The NZ-registered company  Payroll Solution Services, Ltd., (In Liq), directed by John M Carr, appears to have provided payroll services to the Pacific Alpacas business owned by John M Carr.

The company’s inability to pay its tax leading to its liquidation, came about because of “cash flow problems”, according to John M Carr, due to a “large payroll client” having its own cash flow problems. That “large payroll client” of Payroll Solution Services Ltd was most likely Eden Digital Ltd (In Liq), directed by John M Carr. Eden Digital Ltd has among its unsecured creditors PJ Digital Ltd and Better Business Services, both owned and directed by John M Carr.

Here we have the creation of a potential classic tax-avoidance loop involving the Pacific Alpacas business, Better Business Services, Inc. and PJ Digitsl Ltd, AND their owner who holds both US and New Zealand citizenship.

This arrangement can be illustrated by a parallel case set up by Mr John M Carr involving four companies he has directed for over ten years: PJ Digital Ltd, First Virtual Deposit & Nominee Company Ltd, Shelf Company No. 10 and Velocity Partners Ltd. According to NZ Company Office Records (www.companies.govt.nz), all four were owned up until 31 March 2010, by a US-registered company of which John M Carr was director and principal, called Carr Consulting P.A. (formerly named Cuchara Inc. up until 1999).

John M Carr was convicted in the Auckland District Court on 15 October 2010 for offences he had committed under the Financial Reporting Act 1993, relating to these four NZ-registered companies. He had failed to disclose to the Ministry of Economic Development that they were all foreign-owned entities and failed to file the required annual financial returns (see ref. 4).

On 20 April 2010, prior to this court case and facing ongoing investigations by the National Enforcement Office of the Ministry of Economic Development, John M Carr recorded on-line the transfer of the ownership of all four companies from John M Carr (Carr Consulting P.A.) to himself. Prior to this share transfer change, no doubt effected just prior to the end of the 2009/2010 tax year (31 March 2010), all four companies were owned by an overseas foreign entity (Carr Consulting P.A. owned by John M Carr) and under the Financial Reporting Act 1993, the director (John M Carr) of all four had been required to file Financial accounts with the Companies Office for all four. As noted, John M Carr failed to do so and was convicted in the Auckland District Court under s. 19 & 39 of the Act on 6 charges for failing to submit financial statements for these four companies. He was sentenced on 15 October 2010.

Over the period prior to March/April 2010 – the date of the share transfer – Carr Consulting P.A. (a US -registered entity) was owned by a NZ-registered company directed by John M Carr – Cheyenne Insurance Company (NZ) Limited (Co. No. 478505) which he owns. The four-fold tax-back loop he created raises serious questions for the IRD and IRS. On 27 October 2010, just days after his convictions, Mr Carr changed the name of his company Cheyenne Insurance Company (NZ) Ltd to Cheyenne Investment Company (NZ) Ltd. It had never been involved in any insurance work in New Zealand, but rather was heavily involved in property development.

Conclusion: The liquidation of Eden Digital Ltd and Payroll Solution Services Ltd have at least one common factor – the involvement of company director John Malcolm Carr. The convoluted company and business connections outlined above involving Mr John M Carr providing payroll services to his own companies, will no doubt be of considerable interest to liquidators of both companies, and creditors, the media and the New Zealand public.

References

1. Wool getting around world on word-of-mouth

Otago Daily Times 29 March 2008. Story by Marjorie Cook

http://www.odt.co.nz/your-town/luggate/2471/wool-getting-around-world-word-mouth?page=0%2C1

Geoff Taylor of Wanaka, sold his Belex wool Business to John M Carr in February 2008.

The domain name belex.co.nz is owned by PJ Digital Ltd, which is owned by John M Carr, PO Box 28684 Remuera, Auckland 1541

See the website www.belex.co.nz as at 25 May 2010

Go to: http://web.archive.org/web/20100525170005/http://www.belex.co.nz/

2. See Intellectual Property Office Records: Search Trade Marks

http://www.iponz.govt.nz/app/Extra/IP/TM/Qbe.aspx?sid=634756213555085133

http://www.iponz.govt.nz/app/Extra/Case/Browse.aspx?sid=634756213555085133

3. American director misses court date. Story by Michael Field. 12 August 2008.

http://www.stuff.co.nz/business/industries/4017695/American-director-misses-court-date

Businessman fined $6000 for ‘ironic’ breach of FRA. 15 October 2010

http://www.odt.co.nz/news/national/131903/businessman-fined-6000-ironic-breach-fra

Filed Under: Enforcement Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Eden Digital Ltd, former holder of Erotica Lifestyles Expo license: – in liquidation

November 23, 2011 by Leave a Comment

Eden Digital Ltd, a company that sold and distributed hardcore pornography in New Zealand for over three years and until recently was directed by US investor John Malcolm Carr CPA, was placed into liquidation yesterday, 22 November 2011, under s. 241(2)(a) of the Companies Act 1993.

See: US-based critic of economy [John M Carr CPA: (see photo http://www.carr.co.nz/images/jmc.jpg ) has lots more to say

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=154653

The majority of the estimated total deficit of Eden Digital Ltd (Co. No. 2122974), $434,000, is owed to the NZ Inland Revenue Department: $147,000 in GST/PAYE (IRD is a preferential creditor) and  $148,000 owed to IRD (unsecured creditor). A total of $295,000 is therefore owed to IRD.

In addition, trade creditors (unsecured) are owed $119,000 and $20,000 is owed in wages/entitlements to the companyy's former employees. (see Liquidator’s first report published today on the Companies Office website (www.companies.govt.nz).

The report records the reasons provided by the director Mr John M Carr CPA for Eden Digital being put into into liquidation and they include:

(1) the company was in default with its financiers and demand was made on the company due to that default, (2) the company has been supported financially by related entities [all directed by John M Carr CPA] and recently their financial support was withdrawn (3) the business was recently sold and such proceeds were applied to the security holders including CVC Group Ltd directed by John M Carr CPA (see below) (4) with no remaining assets the company was unable to trade and as a result its only shareholder [CVC Group Ltd, directed by John M Carr CPA] had no option but to place the company into receivership, (5) Eden Digital Ltd that held the licence for Erotica Lifestyles Expo, cancelled the license which meant that this aspect of its business could not continue.

The Waikato Times reported on 18 November 2011 that the Hamilton City Council “had been approached by Eden Digital Media [sic] to book Claudelands [event venue] for the [Erotica Lifestyles] expo in March [2012]“.

Fortunately for the Council, its councillors voted yesterday against allowing this hardcore porn fest using council facilities, given the fact that Eden Digital Ltd was probably insolvent throughout much of the period of time that its officers entered into negotiations with the Hamilton City Council. The Liquidator will be examining such matters to determine whether or not the company director John M Carr may have committed offences under the Companies Act 1993 (eg. trading whie insolvent)..

The majority of councillors (9 to 1) took the view that it was “inappropriate” to use the Claudelands venue for the staging of porn related activities as proposed by David Bruce Crow. They voted against the Arena being used for this proposed event.

David Bruce Crow, has been reported as acting as “spokesperson” for Esprit Events Ltd (Co. No. 3648912), another company directed by John M Carr and only recently incorporated on 10 November 2011. David Crow made an approach to the Hamilton City Council seeking the use of the Claudelands event venue for the sexpo, but without success. Concerned over the moral welfare of the community, councillors voted against the proposed use of the events venue to stage and promote porn 9 to 1.

Secured creditors of Eden Digital Ltd include its shareholder, CVC Group Ltd, directed by John M Carr, Vision rentals Ltd, Solutions Group Receivables, Konica Minolta Business Solutions and Harper Collins Publishers.

Unsecured creditors include Inland Revenue; Ezisoft Computer Systems Ltd directed by David Bruce Crow and owned by his wife Carolyn Rose Crow; NZX Media Ltd, co-directed by David Bruce Crow; PJ Digital Ltd, owned and directed by John Malcolm Carr; Florida US -based Better Business Services, Inc., owned and directed by John Malcolm Carr; and the ASB Showgrounds, Epsom, Auckland – the former longtime venue for Erotica Lifestyles Expo.

All unsecured creditors are unlikely to receive anything according to the Liquidator, Grant Bruce Reynolds of Reynolds & Associates Ltd, Insolvency Practitioners of Penrose,  Auckland.

Update: Liquidatation Notice – NZ Herald Thursday 24 November 2011. The failed company was put into liquidation puruant to section 241(2)(a) of the Companies Act 1993.

Reference

The Bob Dey Property Report (the week to 27 November 2011)

Voluntary liquidation: Steve Crow-related Eden Digital sells business, closes

http://www.propbd.co.nz/afa.asp?idWebPage=8338&idBobDeyProperty_Articles=17011&SID=1061986009

Company: Eden Digital Ltd
Directors: Raymond Simpson, Mt Eden
Liquidation: 22 November
Solvent: No
Liquidators: Grant Reynolds (Reynolds & Associates Ltd)
Other details: The company held the licence for the Erotica Lifestyle Expo, but the licence was cancelled because of defaults. The business was recently sold. Mr Simpson is a director of Bodyrock Promotions (NZ) Ltd (removed from register 2004) & Digital Matrix Ltd (removed from register 2004). Former directors are Steve Crow, Ellerslie, & John Carr, now of Cromwell. Mr Crow – best known for running the Boobs on Bikes parade down Queen St – put Malibu Media Limited (ex-Erotica Expo Ltd) & Z4K74D Ltd (ex-Vixen Direct Ltd) into liquidation in 2009. He told the liquidators wholesale adult products company Vixen Direct was hit by piracy & parallel importing over the past 2 years, while attendances for the last 2 Erotica expos in Christchurch & Wellington were down by 50%, hitting sales. Mr Crow’s Eden Media Ltd was wound up on 21 May, Brass Magazine Ltd in August 2008, Les Obstacles de l’Amour Ltd 2006. Mr Crow is a director of CVC Group Ltd, HWGA Co Ltd, Sidefx Ltd & Vixen Publications Ltd.
Filed Under: Pornography Tagged With: , , , , , , , , , , , , , , , , , , , , , ,

Banned company director promotes new business venture

June 8, 2011 by Leave a Comment

NZ Escort Directory Launched

Source: Story by Frances Morton. June 5, nzherald.co.nz

One week after pleading guilty to directing a company while banned, porn magnate Steve Crow has announced a new business venture. [Crow is listed as a "disqualified director" on the Companies Office website www.companies.govt.nz - banned for four years under s. 385 of the Companies Act 1993 from promoting, directing or managing any company].

Crow launched an online escort directory, [pornographic website link deleted] on Friday.

[The domain name of the website registered on 21 March 2011, is owned by Truth Publications Ltd, a company struck off the Registrar of Companies on 25 February 2011. The Registrant contact for the website is listed as former Truth Publications CEO Demott Malley Tel. dermott@truth.co.nz. See www.dnc.org.nz.]

He [Crow] plans to promote it [the website owned by a defunct company - Truth Publication Ltd] with a second Boobs on Bikes down Queen St on September 24 – the day the All Blacks take on France in the Rugby World Cup at Eden Park.

Crow said escorts listed on the website would be bodypainted with rugby jerseys in New Zealand and French sporting colours.

The next Boobs on Bikes is scheduled for August 4.

Crow said he may not seek a permit from Auckland Council for the second parade.

He maintained his involvement as a “marketing consultant” in the new venture did not contravene his director ban. “I’m not running it. David Crow my brother is. He’s the CEO.”

Full Story: http://www.nzherald.co.nz/connect/news/article.cfm?c_id=1501833&objectid=10730335

Filed Under: Pornography, Prostitution Tagged With: , , , , , , , , ,

NZ White Collar Crime: Two guilty in million-dollar fraud cases

December 8, 2010 by Leave a Comment

The SPCS contends that some of the more spectacular symptoms that reveal how New Zealand society has lost its moral bearings, include the steady growth in its million dollar white collar crime ‘industry’, involving fraud, bribery, theft, and dishonesty etc. Hitting the headlines with growing regularity it seems, are middle-aged grey-haired balding, or completely bald company directors, who, having been banned by the Registrar of Companies under section 385 of the Companies Act 1993 from directing, managing or promoting a company for up to five years; are subsequenly convicted and sentenced for committing multiple breaches of such banning orders, at the same time having committed serial criminal offences involving fraud etc.

Some having been banned because they pose a serious financial risk to the public because of their mismanagement of company financial matters and/or financial incompetence, despite having a degree or two such as an MBA, deliberately give the ‘the two-fingered salute’ to the Registrar of Companies who imposed the ban on them; caring little about any moral standards, the rule of law or the vulnerability of the public to their financial risk-taking and gross incompetence. Others banned from being directors after being declared bankrupts in the Courts, give the same insulting salute and box on as trumped up ‘directors’, in the self-declared role of “promoter” and/or highly paid “consultant”.

Such flagrant deception when exposed by the Serious Fraud Office (SFO) makes a complete mockery of the sanctions (prohibitions) imposed on such former directors by the Companies Office via the Courts, unless such crimes are severely punished by Judges at sentencing. The SPCS contends that banned company directors who deliberately and knowlingly breach banning orders should be jailed long-term and made to make full reparation. It believes that the vast majority of New Zealanders would probably support this view.

It is reassuring to the public to read in he Dominion Post report of 3 December 2010 that… On 3 December “in Wellington District Court, bankrupt Alan Edwards Wycherley, 52, who had been using the name of clients of a debt management company to get money from an Auckland finance firm, was jailed for three years. He had pleaded guilty to conspiring to defraud, nine charges of running a company while prohibited and two of illegally signing shareholder forms.”

He was one of “two Waikanae men who appeared before the courts the same morning, in unrelated million-dollar fraud cases, in which one falsely claimed a client was terminally ill and the other submitted dodgy loan applications.” Both were sentenced by Judge Behrens.

See full report: 3 December 2010 http://www.stuff.co.nz/dominion-post/news/wellington/4418021/Two-guilty-of-million-dollar-fraud

Filed Under: Crime, Moral Values Tagged With: , , , , , , , , , , , , ,

Cheyenne Insurance (NZ) Ltd – Chameleon-like change to Investment Company

November 28, 2010 by Leave a Comment

The report entitled Cheyenne Insurance Company (NZ) Ltd: When is an ‘insurance’ company a real insurance company? was published on this website on 20 October, 2010. Just seven days later the company’s director and owner, John Malcolm Carr, a San Antonio Texas-based CPA, changed the so-called ‘insurance’ company’s name on the NZ Companies on-line register, one it had had since 9 August 1994, to a new name Cheyenne INVESTMENT Company (NZ) Ltd [Emphasis added].

Why did this US businessman need to make this change on 27 October 2010 after calling it an INSURANCE company since 1994. The answer relates to the passing by parliament on 7 September 2010 of the Insurance (Prudential Supervision) Act 2010 (see 20 October report) outlawing the use of the word “insurance” in a company name, when the company does not have authorisation to engage in insurance transactions.

See: US-based critic of economy [John M Carr CPA] has lots more to say

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=154653

The NZ public and Society (SPCS) members expect the Society, which seeks as one of its objectives “to foster public awarenes of the benefits to social, economic and moral welfare, of community standards, and to encourage constructive debate and discussion in this area”; to be a ‘watchdog’ on matters that impact the maintenance of the public good. [Read more...]

Filed Under: Other Tagged With: , , , , , , , , , , , , , ,

Penalties for breaches of S. 385 Banning order by banned NZ Company Director

November 27, 2010 by Leave a Comment

In view of the growing numbers of New Zealand company directors, MPs and business leaders who have been convicted in the Courts for fraud, financial mismanagement, reckless trading and bribery; it is important that the penalties imposed by Judges on those convicted of such offences, be regularly reviewed, particularly in view of the financial suffering and social upheaval caused to shareholders, creditors and investors etc. by those responsible for such crimes.

Under s. 385 (1) of the Companies Act 1993, “the Registrar [of Companies] may, by notice in writing given to a person, prohibit that person from being a director or promoter of a company, or being concerned in, or taking part, whether directly or indirectly, in the management of, a company during such period not exceeding 5 years after the date of the notice as is specified in the notice. Every notice shall be published in the Gazette.”

Under S 373(4) of the Act, a person convicted of acting in contravention of a banning order notice issued under s. 385, is liable to imprisonment for a term not exceeding 5 years or to a fine not exceeding $200,000. Furthermore s. 386 sets out liability for contravening section 385.

 Apon conviction they are liable to a liquidator of the company for every unpaid debt incurred by the company; and a creditor of the company for a debt to that creditor incurred by the company— while that person was so acting [against the banning order]. [Read more...]

Filed Under: Crime Tagged With: , , , , , , ,

Computer South Ltd – Removal Notice Marks $16.9 Million dollar Fraud Fiasco

November 27, 2010 by Leave a Comment

Convicted fraudster Michael Andrew Swann, who together with his convicted accomplice Kerry Gray Harford, defrauded the Otago District Health Board of $16.9 Million over six years (2000-2006), ran Computer South Ltd as his personal de facto bank account for the laundering of money obtained by fraud from the DHB, despite the fact he held no office in the company and held no shares. (As a convicted bankrupt he was unable to hold shares in or direct any company).

Mr Swann’s close friend Peter Bruce Bruce Ibbotson, a plumber of Warrington, was put in place as director when the company was incorporated in 1997. In the Dunedin High Court where Swann faced charges for fraud, Ibbotson admitted that he had had almost no involvement (2000-2006) in any management of governance aspect of Computer South Ltd, a company which the Serious Fraud Office reported owned no assets, employed no staff, filed no tax returns, and was controlled by Swann rather than listed “director” Peter Ibbotson.

 A Notice of intention to remove Computer South Ltd from the Register of Companies under section 318(1)(b) of the Companies Act 1993, was issued by Mr Neville Harris, the Registrar, on 25 November 2010. [Read more...]

Filed Under: Crime Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , ,

John M Carr CPA PC – Oklahoma Domestic For Profit Professional Corporation

September 3, 2010 by Leave a Comment

Since July 2009 the New Zealand Companies Office has been unable to make any direct contact with Company director John Malcolm Carr, a San Antonio Texas based businessman, despite having used all the known addresses he has provided to the Office to serve documents on him (pers. comm. MED/NEU).

(It is an offence under the Companies Act 1993 for a director to record false information on the register relating to his residential addresses, the registered office of his company or the address for service). [Read more...]

Filed Under: Other Tagged With: , , , , , , , , , , ,

Steve Crow: Vixen Publications Ltd and Sidefx Ltd – face permanent removal

September 2, 2010 by Leave a Comment

Today the Registrar of Companies Mr Neville Harris has announced his intention to remove two companies formerly directed by banned director Steve Crow, from the Register under section 318(1)(b) of the Companies Act 1993 (see Company removal notices  www.companies.govt.nz). They were both involved in the hardcore pornography industry and are owned by CVC Group Ltd which is directed by a San Antonio Texas based certified public accountant (CPA), Mr John Malcolm Carr. [Read more...]

Filed Under: Pornography Tagged With: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

John M Carr – Companies Office seeks director’s true residential address

August 16, 2010 by Leave a Comment

Having spent almost a year unsuccessfully seeking to contact American businessman John Malcolm Carr, director of two porn companies, at his listed “residential address” in Remuera, Auckland; National Enforcement Unit officials from the Company Office may need to look elsewhere to serve him, should the need arise to lay further charges against him under the Financial Reporting Act 1993 [FRA] or Companies Act 1993. With the flurry of media interest generated by the recent Stuff News story on the non-Court appearance of Mr Carr and his “attorney” on Thursday last week, where he was to have faced eight charges under the FRA in the Auckland District Court, the hunt has been on to locate his mysterious whereabouts. An anonymous tip-off received by the Society has pointed us to a new posting on a website relating to Mr John M Carr’s property and tax affairs. Taxes assessed for the 2009 tax year relate to a modest apartment he and his wife Angelika G Carr own at 4119 Medical Drive, San Antonio, Texas.

See: http://www.city-data.com/bexar-county/M/Medical-Drive-28.html

Filed Under: Other Tagged With: , , , , , ,
«Older Posts
%d bloggers like this: