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11 March 1994

News release

Peninsula Club Retirement Resort - appointment of statutory manager

The Commission convened today to consider a request from a majority of residents of the Peninsula Club to recommend the appointment of a statutory manager in respect of certain entities associated with Mr G.R. and Mrs W.A. Crawford. The Peninsula Club is a retirement village on the Whangaparaoa Peninsula near Auckland and Mr and Mrs Crawford, through companies they control, were the promoters and developers of the Club.

The Commission received considerable evidence in relation to the request and has heard submissions from interested parties. The financial records of the various entities involved in the development, promotion and management are not in good order and this matter must be addressed immediately. The Commission is concerned to protect the interests of the residents. We believe the residents would be at risk if the conditional contract to which a company, Maroubra Holdings Limited, is a party were to proceed in the manner presently contemplated by the parties. The Commission considers it desirable in the interests of present and future residents that Mr and Mrs Crawford transfer all of their rights in the Peninsula Club.

The Commission understands that there are potential bidders for the Crawfords' interests. Moreover we have formed the view that the first mortgagees and debenture holders are in a position to resolve the present difficulties by appointing a receiver in respect of the relevant companies pursuant to their rights under certain debenture securities or by exercising their powers of sale under certain mortgage documents. They have said that in exercising these powers they will have regard to the best interests of the residents as well as those for whom they are acting. The Commission has therefore decided that it should not recommend the appointment of a statutory manager. We have requested that Mr and Mrs Crawford should conclude the earliest possible sale of their interests, or facilitate the appointment of receivers, consistent with the best interests of the residents.

P.D. McKenzie
Chairman