Some Coasties are buzzing as the Government steps in to manage companies associated with the Auckland-based Du Val Group.

The development giant, known for large-scale residential projects, has been placed into statutory management, according to Commerce and Consumer Affairs Minister Andrew Bayly.

The intervention comes after Du Val Group entered interim receivership, leaving substantial liabilities in its wake.

The company, which comprises around 70 entities, including 46 subsidiaries and 20 special purpose vehicle limited partnerships, is tangled in a complex web of financial obligations.

This has left 120-150 investors, home buyers, and commercial lenders concerned about their stakes.

Minister Bayly noted that statutory management is a last-resort measure aimed at preventing further harm and ensuring an orderly process.

“By placing Du Val into statutory management, all current insolvency processes are suspended, enabling the affairs to be dealt with by one team of people,” he stated.

The decision follows a recommendation by the Financial Markets Authority (FMA) after ongoing investigations and a report from the Court-appointed interim receivers.

Effective today, the order, approved by the Governor-General, applies to four core Du Val corporations and 20 associated limited partnerships, along with 46 subsidiaries.

Statutory managers John Fisk, Stephen White, and Lara Bennett of PwC New Zealand will now oversee the process, following their recent High Court appointment as interim receivers for the Du Val Group.