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									Staples Rodway Limited             PO Box 3899           Telephone: +64 09 309 0463
Level 9, Tower Centre                 Auckland            Facsimile: +64 09 309 4544
45 Queen Street                    New Zealand          enquiries@staplesrodway.com
Auckland                           DX CP19042                 www.staplesrodway.com
New Zealand




            9 February 2009


                                             FIRST REPORT OF THE LIQUIDATORS
                                               TO CREDITORS AND MEMBERS OF
                                      KNIGHT FRANK AUCKLAND LIMITED (IN LIQUIDATION)


            INTRODUCTION

            Knight Frank Auckland Limited (In Liquidation) (''the company'') was placed into liquidation on
            29 January 2009 at 12.30pm by a special resolution of shareholders pursuant to Section
            241(2)(a) of the Companies Act 1993 (“the Act”). Gareth Russel Hoole and Kevin David Pitfield
            were appointed joint and several liquidators of the company at that time.


            RESTRICTIONS

            This report is not intended for general circulation, nor is it to be reproduced or used for any
            purpose without the liquidators’ written permission in each specific instance. The liquidators,
            Staples Rodway Limited, its employees and agents do not assume any responsibility or liability
            for any losses occasioned to any party for any reason including as a result of the circulation,
            publication, reproduction or use of this report contrary to the provisions of this paragraph.

            The liquidators reserve the right (but will be under no obligation) to review this report and, if
            considered necessary, to revise the report in light of any information existing at the date of this
            report which becomes known to us after that date.


            BACKGROUND AND STATEMENT OF POSITION

            Director and Shareholder

            On the date of the appointment of the liquidators the records of the company reflected the
            following:

            Director:                                 Aaron Bartholomew Toresen

            Shareholder:                              Knight Frank Auckland Holdings Limited (In Liquidation)

            History

            The company was incorporated as Michael Fraser Real Estate Limited on 13 November 1989
            and changed to Link Realty Limited on 22 March 1990 and subsequently to Knight Frank
            Auckland Limited on 1 December 2006.




  Staples Rodway Limited. Chartered Accountants. An Independent Member of Baker Tilly International.
The principal business of the company was that of real estate agents.

The liquidators understand that the company was effectively a joint venture between Knight
Frank Australia Pty Ltd and Link International Limited.

The joint venture was supported financially by Knight Frank Australia Pty Ltd who made the
decision to cease their ongoing financial support and to exit the local market. They will, instead,
grant a licence to a new company to operate under the Knight Frank name in New Zealand.
With the cessation of the joint venture the company became superfluous and the decision was
made to place the company into liquidation.

Actions Taken To Date

The liquidators and their representatives attended the premises of the company shortly after their
appointment. The premises were secured and rights of entry were restricted.

The liquidators have established that the company has assets in the form of cash at bank,
furniture & fittings, accounts receivable and conditional contracts under negotiation.

An independent registered valuer has been engaged to provide a current market value of the
furniture and fittings.

Statement of Position

Attached by way of Appendix 1 is the Statement of Position of the company as at 29 January
2009, as advised by the management of the company. The information contained in the attached
statement of position was provided by the management of the company and, as yet, has not been
investigated by the liquidators. It is possible that subsequent investigation could result in a
revision of the information thus presented.

Securities and Charges

A search of the Personal Property Securities Register has revealed two registered security
interests, one over a photocopier and the other over certain of the furniture and fittings.

Apart from creditors designated as preferential in terms of the Seventh Schedule of the
Companies Act 1993 and the secured creditors referred to above, all other creditors of the
company will rank as unsecured.


PROPOSALS FOR THE CONDUCT OF THE LIQUIDATION

Investigations into the existence and whereabouts of any assets not identified at the date of this
report will be undertaken.

The results of the independent valuation f the furniture and fittings, will enable the liquidators to
determine the best way to realise those assets.




                                              Page 2
The company has a number of debtor balances which require collection. The liquidators will
pursue outstanding debtors using all available legal remedies.

The liquidators have determined that there were unconditional contracts at the time of their
appointment. Where economically viable the liquidators will seek to progress these contracts
through to completion, to enable collection of the associated commission revenue arising from
same.

The liquidators will review all contracts for which the company has a commitment and will
disclaim any identified contracts which they deem to be onerous.

The liquidators will review disbursements made by the company in the period beginning on
29 January 2007 through to their appointment for purposes of determining whether any such
transactions can be considered voidable within the ambit of Section 292 of the Companies Act
1993.

From the records made available to the liquidators, at the time of their appointment the company
was prima facie insolvent, largely as a result of amounts owing to Knight Frank Australia Pty
Ltd. At this time the liquidators have not been able to determine how long the company traded
under insolvent circumstances, if at all. However, they will conduct the appropriate
investigation in this regard and report their findings to the Registrar of Companies as considered
necessary. The liquidators will pursue appropriate action against the director to the extent
considered economically beneficial if evidence exists to support such action.


CREDITORS’ MEETING

The liquidators advise that a meeting of creditors will be held at Level 9, Tower Centre,
45 Queen Street, Auckland on Thursday 12th February 2009 at 10.00am.


UNSECURED CREDITORS CLAIM FORM

An unsecured creditor’s claim form is enclosed for your convenience. The liquidators request
that this be completed and returned to their office together with supporting documentation to
register your claim in this liquidation by 27 February 2009.

If you believe that you hold security for your claim please advise the liquidators, in writing,
providing supporting documentation and all other details of the nature of the security that you
believe you hold.


ESTIMATED DATE OF COMPLETION OF LIQUIDATION

Subject to any unforeseen matters arising from the investigation of the company's affairs and the
timeframe associated with the collection of receivables, the liquidators tentatively estimate that
this liquidation will be completed within the next three months.




                                            Page 3
Please note that all subsequent reports prepared by the liquidators will not be mailed to the
creditors and members of the company, but will be available on the New Zealand Companies
Office and Staples Rodway websites.

Should you have any queries regarding the liquidation of the company, please do not hesitate to
contact Andrew Turner at the office of the liquidators on telephone 09 968 9200.




........................................................     ........................................................
Gareth Russel Hoole                                          Kevin David Pitfield
JOINT LIQUIDATOR                                             JOINT LIQUIDATOR




                                                           Page 4
                                         APPENDIX I

               KNIGHT FRANK AUCKLAND LIMITED (In Liquidation)
                STATEMENT OF POSITION AS AT 29 JANUARY 2009


                                                                                Estimated
                                                                 Book           Realisable
Assets                                                           Value            Value

Bank                                                                16,500       16,500
                                                                                    1
Fixtures and Fittings                                              385,000
                                                                                    2
Accounts Receivable                                                 43,600
                                                                                    3
Contracts under negotiation                                       unknown
TOTAL ASSETS                                                       445,100

Liabilities

Secured Creditors – Personal Property                               480,000
Preferential Creditors                                                15,00
Unsecured Creditors (approximately)                               3,000,000
TOTAL LIABILITIES                                                 3,495,000
DEFICIT: LIABILITIES OVER ASSETS                                (3,049,900)

Notes:
   1.    The liquidators await valuations of the fixtures and fittings. As is usual with
         forced sales, they expect the realisable value of some of these items to be as
         much as 70% less than the book value.
   2.    The liquidators will pursue all debtors to the fullest extent provided by the law.
   3.    To the extent that the liquidators deem it to be economically beneficial they will
         seek to progress conditional contracts through to completion. The realisable
         value of these deals is not quantifiable at this time.




                                            Page 5
                                 APPENDIX II

             KNIGHT FRANK AUCKLAND LIMITED (In Liquidation)
                CREDITORS LISTING AS AT 29 JANUARY 2009


A BURNEY T/A EFS        126 MASKELL STREET      ST HELIERS         AUCKLAND
A C P MEDIA PROP MAG    PRIVATE BAG 92512                          AUCKLAND
LTD
ABC PHOTOSIGNS NZ LTD   PO BOX 112 179          PENROSE            AUCKLAND
ACCIDENT                ACC PROCESSING CENTRE   PO BOX 38 023      TE PUNI,
COMPENSATION                                                       WELLINGTON
CORPORATION
AERIAL BLIMP            42 KINGSVIEW ROAD       MT EDEN            AUCKLAND
PHOTOGRAPHERS LTD
ANDY KENWORTHY          51 MONUMENT ROAD        CLEVEDON R D 2     AUCKLAND
COMMUNICATIONS                                  PAPAKURA
ANSA PROPERTIES LTD     6 WELLINGTON ST         PAPAKURA           AUCKLAND
APN FINDA LTD           PO BOX 1075                                WHANGAREI
ARMSTRONG               PO BOX 17-337           GREENLANE          AUCKLAND
LOCKSMITHS LIMITED
ATRIUM INVESTMENTS      PO BOX 7547             WELLESLEY          AUCKLAND
LIMITED                                         STREET
AUCKLAND CHAMBER OF     PO BOX 47                                  AUCKLAND
COMMERCE
AUCKLAND CITY           PRIVATE BAG 92502       WELLESLEY ST       AUCKLAND
ENVIRONMENT
AUCKLAND DISTRICT       PO BOX 58               SHORTLAND          AUCKLAND
LAW SOCIETY                                     STREET
AUCKLAND HEBREW         108-118 GREYS AVE       NEWTON             AUCKLAND
CONGREGATION
BASHARI, REZA           PO BOX 12-324           PENROSE            AUCKLAND
BAYCORP (NZ) LIMITED    PRIVATE BAG 92063                          AUCKLAND
BAYLEYS REAL ESTATE     PO BOX 92530            Wellesley Street   AUCKLAND
LTD
BECKETT DERRICK         PO BOX 12-324           PENROSE            AUCKLAND
BERTELSEN HARRY         PO BOX 62-600           KALMIA STREET      AUCKLAND
WATERS LIMITED
BIZZIBLOOMS             224 GREAT SOUTH RD      GREENLANE          AUCKLAND
BOQ EQUIPMENT           PO Box 303529           North Harbour      AUCKLAND
FINANCE LIMITED                                 Albany
BUSINESS BROKING        PO BOX 12 324           PENROSE            AUCKLAND
NORTH SHORE
CAFE AERO               64 RICHARD PEARSE       AIRPORT OAKS       MANGERE
                        DRIVE
CANTLE, JOHN WAYNE      PO BOX 12-324           PENROSE            AUCKLAND
CARLTON DFK             PRIVATE BAG 99945       NEWMARKET          AUCKLAND
CHANDLER JOHN           PO BOX 12-324           PENROSE            AUCKLAND
ANDREW
CHINESE HERALD GROUP    PO BOX 6399             WELLESLEY          AUCKLAND
(NZ) LTD                                        STREET
CITY CLEANING           PO BOX 7150             WELLESLEY          AUCKLAND
SERVICES LTD                                    STREET

                                    Page 6
COPY SOLUTIONS            PO BOX 12789            PENROSE        AUCKLAND
CREATIVE AWARDS (2004)    PO BOX 58802            GREENMOUNT     AUCKLAND
NZ
CROWN WORLDWIDE (NZ)      PO BOX 40183            GLENFIELD      AUCKLAND
LTD
DUNCAN COTTERILL          L 9, CLARENDON TOWER,   PO BOX 5       CHRISTCHURCH
LAWYERS                   OXFORD TERRACE
EFTPOS NEW ZEALAND        69 TORY STREET          PO BOX 3457    WELLINGTON
LIMITED
EREMEEV, BORIS            PO BOX 12-324           PENROSE        AUCKLAND
IGOREVICH
EVANS ROBBIE              PO BOX 12-324           PENROSE        AUCKLAND
EXPRESS LOGISTICS         8 AMELIA AVENUE                        AIRPORT OAKS
FAIRFAX AUCKLAND          PO BOX 3176                            AUCKLAND
GROUP
FOREGROUND SOFTWARE       PO BOX 25 410           ST HELIERS     AUCKLAND
LIMITED
FORTLOCK SECURITY         PO BOX 112-263          PENROSE        AUCKLAND
SYSTEMS LIMITED
FRANKLIN, JOSHUA          PO BOX 12-324           PENROSE        AUCKLAND
FREDON INDUSTRIES [Aust   PO BOX 6006             SILVERWATER    NSW
Company]
FUJI XEROX                PO BOX 5948                            AUCKLAND
FUTURE PRINT & DESIGN     PO BOX 53169            AUCKLAND       MANUKAU
LTD                                               AIRPORT
GIRI, VANSH NEEL          PO BOX 12-324           PENROSE        AUCKLAND
GRAHAM RUTH               PO BOX 12-324           PENROSE        AUCKLAND
HARFORD, RICHARD          PO BOX 12-324           PENROSE        AUCKLAND
JOHN
HAZLETT, JOY              PO BOX 12-324           PENROSE        AUCKLAND
HILL MARCUS JAMES         PO BOX 12-324           PENROSE        AUCKLAND
HOURY SELWYN              PO BOX 12-324           PENROSE        AUCKLAND
ICON GROUP                PO BOX 90 368           VICTORIA       AUCKLAND
                                                  STREET WEST
IMPACT KLIPBIND           PO BOX 97 096           SOUTH          AUCKLAND
LIMITED                                           AUCKLAND
                                                  MAIL CENTRE
INLAND REVENUE            PO BOX 761              WAIKATO MAIL   HAMILTON
                                                  CENTRE
JAZZ PRINT LTD            24 VESTEY DVE                          MT
                                                                 WELLINGTON
JOHN CALLAGHAN            PO BOX 68219                           NEWTON
KERMADEC PROPERTY         PO BOX 37953            PARNELL        AUCKLAND
FUND
KERMODE RICHARD           PO BOX 12-324           PENROSE        AUCKLAND
KNIGHT FRANK              L 7, 575 BOURKE ST      MELBOURNE      VIC
AUSTRALIA
LANDINFONET LIMITED       PO BOX 105218                          AUCKLAND
LIME NEW ZEALAND          PO BOX 30 3036                         NORTH
LIMITED                                                          HARBOUR
LINK BUSINESS BROKING     PO BOX 12-324           PENROSE        AUCKLAND
LTD
LOUIS LAUREL              C/ DEREK CUTTING & CO   PO BOX 74295   AUCKLAND
M & R FRASER              PO BOX 12-324           PENROSE        AUCKLAND
MACPHERSON,               PO BOX 12-324           PENROSE        AUCKLAND


                                       Page 7
MARGARET
MARGARET MARSH                 PO BOX 40531            GLENFIELD        AUCKLAND
McCAMISH ELECTRICAL            PO BOX 51462                             PAKURANGA
MITTAL, KHUSHINDER             PO BOX 12-324           PENROSE          AUCKLAND
MULOVSKI, ZORAN                PO BOX 12-324           PENROSE          AUCKLAND
NETWIDE SOLUTIONS PTY          LEVEL 5, 182 BROADWAY   NEWMARKET        AUCKLAND
LTD NZ
NEW ZEALAND                    PO BOX 38046                             HOWICK
PROPERTY INVESTOR
NEW ZEALAND                    PO BOX 41076                             AUCKLAND
RETAILERS ASSN INC
NEWSLETTER FACTORY             PO BOX 65 309           MAIRANGI BAY     AUCKLAND
NZ POST LIMITED                PO BOX 38817            WELLINGTON       WELLINGTON
                                                       MAIL SERVICE
                                                       CENTRE
OFFICE MAX                     PRIVATE BAG 92831       PENROSE          AUCKLAND
OPEN2VIEW                      PO BOX 113 057          NEWMARKET        AUCKLAND
PAGEONE                        PO BOX 3                CLEVEDON         AUCKLAND
PAPAKURA DISTRICT              35 COLES CRESCENT                        PAPAKURA
COUNCIL
PMP MAXUM LIMITED              PO BOX 8166             RICCARTON        CHRISTCHURCH
PRINTFORCE AUSTRALIA           17 KENSINGTON STREET    EAST PERTH       WA
PTY LTD [Australian Co.]
PROCLAIM SOLUTIONS             PO BOX 305-004          TRITON PLAZA     AUCKLAND
GROUP
PROPERTY BOOK                  c/- EMPIRE PUBLISHING   PO BOX 128 103   AUCKLAND
PUBLISHED BY EMPIRE            LTD
PUBLISHING LTD
PROPERTY COUNCIL OF            PO BOX 10336                             AUCKLAND
NEW ZEALAND
PROPERTY PRESS                 PO BOX 90106            VICTORIA         AUCKLAND
CENTRAL LTD                                            STREET WEST
QUINN, TERRY                   PO BOX 12-324           PENROSE          AUCKLAND
REACH MEDIA NZ                 PO BOX 38042            WELLINGTON       LOWER HUTT,
LIMITED                                                MAIL CENTRE      WELLINGTON
Real Estate Agents Licensing   PO Box 99-881           NEWMARKET        AUCKLAND
Board
REALESTATE CO NZ LTD           PO BOX 9284             NEWMARKET        AUCKLAND
REALTY SOLUTIONS LTD           120-126 SUNNYNOOK RD    SUNNYNOOK        AUCKLAND
MREINZ (RAY WHITE)
REINZ [Real Estate Institute   PO BOX 5663             PARNELL          AUCKLAND
of New Zealand]
RILEE SIGNS LTD                PO BOX 112057           PENROSE          AUCKLAND
RJD CONSULTING LTD             21 GARDNER ROAD         EPSOM            AUCKLAND
ROSALES, MANUAL                PO BOX 12-324           PENROSE          AUCKLAND
JAMES
ROSELLI, CATHY                 PO BOX 12-324           PENROSE          AUCKLAND
SATIU PETIRU                   PO BOX 12-324           PENROSE          AUCKLAND
SCARBRO PROPERTY               3 DRYSDEN PLACE         ELLERSLIE        AUCKLAND
MAINTENANCE LTD
SENOJAK, ARAN JON              PO BOX 12-324           PENROSE          AUCKLAND
SHARKEY, WENDY                 PO BOX 12-324           PENROSE          AUCKLAND
ROZANNE
SHIRIWASTOW, VIKANT            PO BOX 12-324           PENROSE          AUCKLAND
[VIK]


                                          Page 8
SIDHAW, JAMSHEED         PO BOX 12-324                  PENROSE         AUCKLAND
SOMERS, DENIS            PO BOX 12-324                  PENROSE         AUCKLAND
STARLINE UTILITIES LTD   PO BOX 90578                                   AUCKLAND
SYLVESTER, DAVID         PO BOX 12-324                  PENROSE         AUCKLAND
SYNERGY TRAINING         PO BOX 65283                   MURANGI BAY     AUCKLAND
SOLUTIONS
TAYLOR, ROBERT           PO BOX 12-324                  PENROSE         AUCKLAND
TELECOM NEW ZEALAND      FREEPOST 10053                 PRIVATE BAG     AUCKLAND
LTD
TELPRO LTD               PO BOX 20217                                   GLEN EDEN
TELSTRACLEAR LTD         PRIVATE BAG 92143                              AUCKLAND
TERRALINK NZ LTD [Paid   PRIVATE BOX 2872                               WELLINGTON
by DD]
THE MOVING COMPANY       PO BIX 58-237                  EAST TAMAKI     AUCKLAND
(NZ) LTD
THE NATIONAL BUSINESS    SUBSCRIPTION SERVICES          PO BOX 145      AUCKLAND
REVIEW
THE NEW ZEALAND          PO BOX 3992                                    AUCKLAND
HERALD
THINK IT LIMITED         PO BOX 58 682                  GREENMOUNT      AUCKLAND
TNT EXPRESS              PO BOX 73-122                  INTERNATIONAL   AUCKLAND
WORLDWIDE (NZ) LTD                                      AIRPORT
TRADE ME LIMITED         PO BOX 11042                   MANNERS         WELLINGTON
                                                        STREET
TURNSTONE LIMITED        PO BOX 305085                  TRITON PLAZA    AUCKLAND
VARCOE REFRIGERATION     27 EAST STREET                 PAPAKURA        AUCKLAND
LTD
VISION6 PTY LTD          PO BOX 460                     FORTITUDE       QLD
[Australian Co.]                                        VALLEY
VODAFONE                 PO BOX 90 112                                  AUCKLAND
WAIKATO REGIONAL         PRIVATE BAG 3086                               HAMILTON
COMMUNITY NEWS
WEBEFFECT INT PTY LTD    Level 1, 678 Victoria Street   RICHMOND        VIC
WYLLIE, BRENNAN          PO BOX 12-324                  PENROSE         AUCKLAND
ZHONG RENDERINGS         21 Manawa Rd                   Remuera         AUCKLAND




                                      Page 9

								
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