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The High Court has put Auckland apartment developer Du Val Capital Partners and other��Du Val Group companies��into interim receivership after an application from the Financial Markets Authority.��

The interim receivership orders were also made in respect of property developers Kenyon Clarke and his wife, Charlotte Clarke.��

Police were seen entering the couple’s place of residence in Remuera today.��

Kenyon and Charlotte Clarke in a photo supplied to the Herald on Sunday's Spy magazine in 2021. Photo / Supplied��

When BusinessDesk rang the doorbell at the gated home this morning Clarke said “see ya later ... go away.”��

Police at the scene would not say what they were there for, but carried filing boxes and other empty canisters.��

The High Court has placed Du Val Capital Partners and related entities in interim receivership at the request of the Financial Markets Authority.��

A statement said interim receivers were generally appointed to seek clarity around the financial position of a company or group of companies.��

PwC’s John Fisk, Stephen White and Lara Bennett are the interim receivers.��

PwC will provide an interim report to the court within 10 days.��

The court also approved the authority’s request for asset preservation orders. These were requested to support the investigation into Du Val Group.��

The authority said it would make no further comment.��

About 120 investors put money into Du Val entities, it said.��

The company in a 2021 video described itself as one of New Zealand’s leading build-to-rent and apartment construction companies.��

The Clarkes had appeared to be working on a video series called��The Property Developers.��

“At work, Kenyon is like a bull in a China store,” Charlotte Clarke said in the video.��

“I lost it all and had to start right again from my beginnings,” Kenyon Clarke added.��

He said in the video he wanted to build a multibillion-dollar business and give away a billion dollars too.��

Police at the Clarke residence in Remuera, central Auckland, at around noon today. Photo / Alex Burton��

Du Val said last month it had developed nearly 1000 apartments in Auckland and was one of this country’s largest private residential developers.��

Chief executive Charlotte Clarke said the business built low-cost homes.��

But the group was��“technically insolvent” last September.��

The property developer in February this year was offering 200 million $2 shares to convert lenders’ debt from investors in its mortgage and build-to-rent (BTR) funds to equity in a restructured Du Val Property Group.��

The Financial Markets Authority last year��warned Du Val Capital about misleading and deceptive statements��to investors in a mortgage fund.��

Police approaching the Victoria Ave house today. Photo / Alex Burton��

Du Val may have breached the law at the time by misleading or deceptive conduct to investors in the Du Val Mortgage fund, the FMA alleged two years ago.��

“The FMA considers that investors have been given a misleading impression of the reasons for Du Val Capital Partners suspending cash distributions on the fund and proposing instead to convert cash distributions into units in the fund, pending a potential public listing.��

“The FMA considers investors may also have been misled about their rights in relation to the suspension,” a statement back then said.��

Anne Gibson has been the��Herald’s property editor for 24 years, written books and covered property extensively here and overseas.��