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  1. #41
    Join Date
    May 2007


    What makes a good property eduucator? Integrity, that's what.

    Below is Mr Letfus’s liquidators report of November last winding his seminar company up ( but which is still advertising-how is that possible?).
    It’s 5 months since that report and nothing seems to have happened despite the liquidator seeking “urgent information”

    Reynolds & Associates Ltd.
    I n s o l v e n c y P r a c t i t i o n e r s
    th November 2011
    Liquidators First Report on the Statement of Affairs of Massive Action Limited (InLiquidation), “the trustee”Registration Number: 1950845
    The trustee was placed into liquidation on the 4
    th November 2011. Grant Bruce Reynoldswas appointed Liquidator under section 241 (2) (a) of The Companies Act 1993.
    Company DetailsDate of Incorporation
    : 18th June 2007
    Dean Nicholas LEFTUS
    Dean Nicholas LEFTUS and Vallant Hooker trustees Limited
    Secured Creditors (As registered on the PPSR):
    Number of Shares:
    History & Events that Precipitated the Liquidation
    The trustee was incorporated in June 2007and was the corporate trustee for the Massive ActionTrust. The trust was specifically established to provide property education and seminars.Due to changes in legislation the trustee was unable to continue operating and stopped trading atthat time. The Trustee retired pre liquidation.As the trust has no assets and liabilities that it was unable to pay the shareholders placed thetrustee into liquidation.
    Statement of Affairs
    A statement of affairs is attached. The records for the Trust and Trustee are still being gatheredand the statement of affairs is incomplete as a result.The financial accounts for the period ending 31
    st March 2011 indicate that the trust has noncurrent assets of $43,000 and non current liabilities of $85,000. The non current assets arecompromised mainly of goodwill.The Director has explained that the company has no current assets.
    Creditor ClaimsPersonal Properties Securities Act/ Reservation of Title
    Should any creditor believe that they have registered security over any goods or proceeds fromthe realisation of the goods they should contact this office immediately.
    Phone: 09 526 0743 PO Box 259-059 Email: [email protected]: 09 526 0748 Auckland, New Zealand
    Proposal for Conducting the Liquidation
    I have yet to receive all of the records for the trustee, but have requested that these be providedwith utmost urgency.I have also complied with my statutory obligations with respect to advertising and notifying theRegister of Companies.I also intend to investigate the actions of the Officers of the Company and in particular anybreaches under the Companies act 1993 or relevant law along with any recent transactions thatmay be insolvent.
    Prospect of a Dividend
    It is unlikely that there will be a dividend paid to unsecured creditors.
    Creditors Meeting
    The Liquidator can exercise the right to refrain from calling a meeting, if after a reasonableassessment of the economics affairs of the company, it is determined that the likely realization ofthe assets of the company, less an accounting for the likely costs and fees of the Office of theLiquidator and other preferential creditors as prescribed in the Seventh Schedule of theCompanies Act 1993, would result in a dividend, were to be paid, less than 20 cents for every 100cents owed to the unsecured creditors.With the above in mind and with a view to saving unnecessary costs, I advise that it is not myintention to call a meeting of the creditors.However, under The Companies Act 1993 any creditor may call a meeting, provided that thecreditor makes demand upon the Liquidator within 10 days of receipt of this notice not to call ameeting.
    Estimated Date of Completion
    It is not practical at this stage to estimate the time of completion for this liquidation.If unsecured creditors have not yet completed the “Unsecured Creditors Claim Form” and filedthat with any supporting documentation with the Liquidator, they must do so as soon as possible.Grant Bruce ReynoldsLiquidator
    Phone: 09 526 0743 PO Box 259-059 Email: [email protected]: 09 526 0748 Auckland, New Zealand
    Massive Action Limited
    (In Liquidation)
    Statement of Affairs of the above company as at the 4
    th November 29th July 2011 showing theassets at estimated realisable values and liabilities expected to rank.
    Wages – Employee Entitlements
    Trade CreditorsOther Creditors
    Disclaimer of LiabilityThe Liquidators have prepared the Estimated Statement of Affairs as at the date of Liquidation being 4
    th November2011The estimated statement of affairs has been prepared based on information from the books and records of the company.This information has not been verified. The Liquidators have not carried out an audit or reviewed the informationsupplied and therefore do not accept any responsibility for the accuracy of the information from which the estimatedstatement of affairs has been prepared and that the estimated statement of affairs has been prepared for the purposes ofthis liquidation only.
    Phone: 09 526 0743 PO Box 259-059 Email: [email protected]: 09 526 0748 Auckland, New Zealand
    Massive Action Limited
    (In Liquidation)List of Creditors
    Inland Revenue PO Box 1535 HamiltonGilligan Rowe & Ass PO Box 9918 Newmarket AucklandWestpac BankingCorporationPO Box 7740 Wellesley Street Auckland
    Julie Anne Gordon 1410 Ngunguru

  2. #42
    Join Date
    May 2007


    Also note liquidators comment:
    I also intend to investigate the actions of the Officers of the Company and in particular
    any breaches under the Companies act 1993 or relevant law along with any recent
    transactions that may be insolvent

  3. #43


    Does anyone know anything about the quality of education/support offered by the following three property coaching/mentoring companies please?

    1) AssetLab
    2) Wealth Ladder
    3) Diamond Property Group

    Many thanks in advance.

  4. #44


    I know #2 very well and will vouch for them, very, very smart and successful people. #1 are rated by people I respect and the high level run down I got sounded good, I think they set up recently after property tutors split. Donít know #3. Happy to chat. Have worked with a mentor so I can run you through what I looked for and how I got benefit. Am on my mobile so forgive me for not going into a lot of detail. Cheers
    Last edited by Nick G; 08-11-2017 at 04:08 PM.


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