Dave Henderson, the entrepreneur behind Frankton’s failed $1 billion Five Mile development, may face banishment from corporate life.
With several firms in his empire having already gone under, Henderson is now personally under investigation by the Companies Office.
“Depending on the outcome of the investigation, he faces a possible ban,” Companies Office spokesperson Amelia Mazur tells Mountain Scene.
An adverse finding may see Henderson slapped with an order stopping him from directing or managing any company.
Mazur won’t elaborate on the details of the investigation and can’t confirm when it will be completed. She asked Mountain Scene how it found out about the Henderson investigation but was told the paper doesn’t reveal sources.
According to Henderson, the investigation is news to him.
“I know nothing of this,” he emailed when approached for comment.
From a source outside the Companies Office, Mountain Scene has been told Henderson probably faces a five-year ban if the investigation goes against him.
Bans up to five years can be determined solely by the Registrar of Companies but if a longer one is sought, a court order is required.
If Henderson is to be banned, the procedure can be quite drawn out, says the source – several weeks, if not months.
Companies Office records list Henderson as director of 98 firms – 10 are in liquidation or receivership.
A ban would force him out of the 88 companies still standing.
Christchurch-based Henderson’s Five Mile dream ended in 2008 when his Frankton development company crashed. Lenders and creditors have since been pursuing other entities in the Henderson empire.