Bank unlikely to recoup $13m owed by Domecq-directed firms

nbr.co.nz

Heartland Bank is owed $13 million by four Christina Domecq-directed firms that fell into receivership this year, initial reports show.

Ms Domecq first hit headlines in New Zealand in 2013 when she made a splash with the acquisition of The Localist. Since then she has also been associated with Urban Sherpa and Stolen Spirits, although she ceased to be director of the liquor brand earlier this year.

Receivers for four Kiwi entities she directed, The Fulcrum, Ora HQ, Wild Logic and Foundry, have filed their first report, showing $13m owing to the bank, which held a general security agreement. The documents prepared by receiver Andrew Grenfell indicate the bank won’t get all its money back.

The reports show how closely the companies were linked, with online advertising firm Ora HQ’s report revealing millions in loans from Wild Logic and Foundry Innovations. Ora HQ owes Heartland $5.3m and receivers have indicated there may be some intellectual property in that business.

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