Creditors won't see a cent from 'property guru's' liquidation
A property investment mentor who charged thousands for his seminars has placed his empire in liquidation and creditors probably won’t see a cent.
Massive Action and NZ Property Gurus, providing property investment seminars and advice, were placed into voluntary liquidation on November 4.
Director and shareholder Dean Letfus, of Pakuranga who coached people to be “property millionaires', also closed the door on at least five other property investment vehicles this month after Westpac called in the mortgages.
Liquidators Reynolds & Associates, say the chances unsecured creditors, including Westpac and the IRD, will see money back are slim.
Massive Action had no secured creditors. Assets of $43,000 were mostly goodwill and debts of $85,000 were unable to be paid.
Information about Mr Leftus on the Massive Action’s website said by 2008 he had amassed a portfolio of more than $20 million in buy and hold property.
NZ Property Gurus, which claims to have bought and sold more than $1 billion of property and educated thousands of New Zealand, was wholly-owned by Mr Letfus.
Massive Action is jointly owned by the four directors of trustee company Vallant Hooker Trustees.