Yasmine Holdings director blames wife for diverting house sale funds intended for Inland Revenue
The director of Yasmine Holdings, a trucking firm in liquidation, claims his wife diverted funds from a house and truck sale that were intended to pay off a $1 million tax debt. Liquidators have been unable to recover the funds after the spouse transferred them overseas.
Why it matters
This case illustrates the risks of personal financial disputes impacting corporate insolvency and the difficulty of recovering assets once they are moved across international borders.
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More than 90% of financially stressed companies in New Zealand are terminated through liquidation. Photo / Getty Images
The director of a trucking firm that collapsed owing $1 million to Inland Revenue blames his wife for his financial predicament.
Liquidator Grant Reynolds was appointed by shareholder resolution to Yasmine Holdings on July 8.
The company’s register records Gurpreet Singh as sole director and shareholder.
The first report for Yasmine Holdings was sparse on details but showed Inland Revenue was owed $988,000 – including penalties and interest – and the only asset identified so far for recovery was $676,671 due from related-party current accounts.
Reynolds ’ report said Singh claimed he had taken steps to try to deal with his growing bill to the taxman but he ran into unforeseen problems.
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