ZB

'Heavy-handed': Application to put Propellor Property Investments into liquidation

Author
NZ Herald ,
Publish Date
Tue, 21 Jun 2022, 9:59am
Nikki Connors, pictured in 2008. Photo / Supplied
Nikki Connors, pictured in 2008. Photo / Supplied

'Heavy-handed': Application to put Propellor Property Investments into liquidation

Author
NZ Herald ,
Publish Date
Tue, 21 Jun 2022, 9:59am

The Commissioner of Inland Revenue has made an application to put property investment firm Propellor Property Investments into liquidation.

The application was made on Friday, according to the NZ Gazette.

On May 19, Inland Revenue applied to the High Court at Christchurch to put the company under for unpaid taxes.

The Gazette notice said the case would go to court on September 15. It asks for those who want to appear at that hearing to file a notice in advance and said documents are available for inspection.

Nikki Connors told Stuff the application was part of a "heavy-handed approach" by Inland Revenue and that an arrangement had been reached.

"We are in negotiations, and I have done this before. We have come to arrangement, and we're fine," she said.

"It's just the typical thing where they take a heavy-handed approach, and we say we don't owe this – and that's what it is basically."

Propellor Property was founded by Connors in 2009 and has offices in Auckland, Christchurch and Hamilton.

The company works with prospective buyers, using specialists who act as property "business managers".

Companies Office records show Propellor is 33.3 per cent owned by Connors but Grey Lynn's Nicholas James Graham owns the majority or 66.67 per cent of it.

He lives at Vinegar Lane.

The company was registered in 2009 and specialises in residential property investment. It is headquartered in Christchurch.

Connors and Graham are both directors.

Connors wrote an article for the Herald in 2019.

"As someone who has spent many years helping people build their wealth through property investment and debt reduction in New Zealand, I am concerned that too many Kiwis still do not know what to do when it comes to property – either to get the best out of investment or to steer clear of misinformation," she wrote.

Around 95 per cent of people who approached Propellor Property Investments were confused or have been misinformed about property investment, she said.

"Based on my 15 years in the business, there are a few things existing and would-be property investors should know as we look towards the new decade," she wrote.

She cited shared ownership and other forms of purchasing and said there were up and down sides of different forms of investment.