Jacks Point: Three more Dean Franklin companies in liquidation
IRD owed $2.1 million but liquidators don't yet have full company records
The first liquidators report has been published after three more companies linked to Jacks Point property developer Dean Franklin went into liquidation with IRD tax debts of $2.1 million and funds owed by related parties of over $8 million.
Falconer Corporate Ltd, Founder Corporate Ltd and S R Corporate Ltd all entered liquidation on June 24, 2025 following a legal petition from the IRD. On the following day, June 25, 2025, Formcrete Construction Ltd also went into liquidation with debts of $7.5 million.
The liquidators of the three additional companies, PWC, say that the companies were all formed in 2018 with Dean Franklin as the director and shareholder.
"We have been advised that the reasons contributing to the Companies’ insolvencies include the overall increased costs of building and property development during and after COVID-19 in 2020 and the inability to secure affordable funding to cover the extra costs. The Companies were placed into liquidation due to the inability to meet tax obligations as they fell due."
"The Companies’ businesses are each corporate trustees to their respectively named trusts - Founder Corporate Trust, the Falconer Corporate Trust & the S R Trust (“the Trusts”). In turn the Trusts were involved in property development along with other related entities."
"The liquidators note the previous appointment of Wendy Somerville and Malcolm Hollis of PwC to Company 7615737 Limited (In Liquidation) (previously FCL NV Limited) on 1 August 2023. This liquidation is ongoing. Further related companies of the Falconer Group have been placed into liquidation with other practitioners at various dates."
Source: PWC liquidators report. July 31, 2025.
The liquidation of Formcrete Construction Ltd is being managed by BakerTilly Staples Rodway. Here is their initial liquidators report.
The PWC liquidators indicate that they are still waiting for various records from Mr Franklin but they do summarise financial details taken from the companies' Xero accounting records as well as public records.
The list of known creditors includes Auckland Council, Lakes Marina Projects Ltd in Queenstown and Air New Zealand as well as Quaestor Advisors LLC of Jacksonville Florida who hold a $78 million mortgage over a number of the Jacks Point (and other) development projects.
The full PWC report and list of creditors is here.
Further Crux coverage:
https://crux.org.nz/crux-news/major-jacks-point-property-developer-going-into-liquidation
https://crux.org.nz/crux-news/jacks-point-dean-franklins-liquidated-company-owes-7-5-million
Shocking stuff!