Inland Revenue seeks liquidation of real estate investment company Propellor Property


Staff at work in the Propellor Properties offices in Auckland.

Jason Dorday / Stuff

Staff at work in the Propellor Properties offices in Auckland.

An application has been filed to liquidate the real estate investment company Propellor Property Investments.

The request was filed on Sunday by the Commissioner of Inland Revenue (IR).

Propellor Property founder Nikki Connors said the bid was part of a “brutal approach” by IR and a deal had been struck.

Propellor works with developers, matches new builds with investors looking to buy, provides financial advice and valuation, and receives fees for setting up purchases.

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Nikki Connors launched Propellor Property in 2009.

Chris McKeen / Stuff

Nikki Connors launched Propellor Property in 2009.

Propellor, founded in 2009, has offices in Auckland, Hamilton and Christchurch.

Connors has a high profile herself. She was one of the top advertising designers in the 1980s, working for Saatchi & Saatchi before moving into real estate investing. In her 2016 book, Connors said that at the age of 27 she earned more than the Prime Minister of New Zealand.

Connors, who bills herself as the queen of New Zealand property, rejected the request.

“We are in negotiations, and I have already done so. We have come to an arrangement and we are fine,” she said.

“It’s just the typical thing where they take a heavy-handed approach, and we say we don’t have to do that – and that’s basically what it is.”

She said companies often argue with IR and she didn’t think the application was relevant.

A spokesman for the Inland Revenue said the department had not commented on individual tax matters.

The application is due to be heard in the Christchurch High Court on September 15.

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