Unite Union finally files 2010 Accounts – Months late

The Tipline

Unite Union finally filed their 2010 accounts – however 2011 accounts are still be files. The accounts show the Union is insolvent and has negative equity of $236k. An operating loss of $65k for the year.

However the interesting point in the 2010 accounts is that the 2009 accounts were signed off by auditors but the 2010 do not seem to be.

Nothing wrong was that at all except in the 2009 the Auditors brought to the attention about Unite being able to trade as a going concern in their notes.

Until Unite files their 2011 Accounts which is now quite a few months overdue (which means that they can be struck off) members can not get a clear picture of how their Union is operating.

Full copy of the accounts can be seen in the MED Societies and Trust website – just type Unite in the search bar.

The OWL

 


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  • Adolf Fiinkensein

    Hmmmmmmmmm!

    Is it coincidence that tthe  net debt just about equates with the face value of the ratbag’s life insurance policy?

    • Blokeintakapuna

      How convenient for this renta-thug.

      Seems no matter how cancerous the life of a union thug can get – they still won’t pay their fair share dues to NZ society by contributing with the taxes he should have paid to NZ Inc long before it got anywhere near $150K+ in overdue amounts.

      Seems there’s a great case for an IRD investigation into this thug, the Unite Union… and whilst at it – they should investigate MUNZ and the CTU also – and also by extension, the Labour Party with their almost $1Million still owing from 2008 when they attempted to rig that election

       … and I hope the probe the IRD uses delivers extensive High Voltage!

  • interesting morality judgement..there..adolf…

    ..on a person suffering from a terminal illness who is willing to sacrifice their life insurance policy to make good a work-debt..

    gee..!..who should we compare to..

    ..the rightwing ratbags who ran the finance companies that fucked so many people over..?

    ..the rightwing ratbags who piled into that govt-guarantee..(woo-hoo..!..on profits too..!) at south canterbury finance..?

    ..and ripped the rest of us off for more money than has been paid out in all treaty settlements to date..?

    ..where is yr fucken outrage/hmmm!,,there..?

    ..eh adolf..?

    [email protected]

    • Sarrs

      “…the rightwing ratbags who piled into that govt-guarantee..(woo-hoo..!..on profits too..!) at south canterbury finance..?”
      You mean like MUNZ who had between $600k and $1m in South Canterbury Finance when it triggered the government guarantee? You mean those right-wing ratbags? Oh wait…Unions are on the left, aren’t they? So incapable of greed and exploitation of government initiatives?

      I’ll turn your question back on you – “..where is yr fucken outrage/hmmm!,,there..?”

      Eh – Phil???

      •  sarah-sarrs..i am talking about those greedy/thieving bastard. who piled in post-guarantee…

        ..those already investing there when that was triggered can hardly be tarred with the same brush..

        phil-at-whoar.

      • Sarrs

        Phil – who? How can you say that all the greedy/thieving bastards ‘who piled in post-guarantee’ were from the right?
        Quite clearly, from this drama surrounding Unite Union – Matt McCarten (left-wing poster child) is a greedy/thieving bastard for stealing his employees’ PAYE and Kiwisaver contributions.

    • Owl

      Phil – anyone who follows my story lines knows very well that I object whole-heartily to foul-mouthed carrying on. Information and comments I make are based on information provided in the public domian.

      I try to create a fair playing field for discussion. I have never accused anyone of anything under hand just a balance view.

      Fact: Unite has negative equity
      Fact: The accounts were filed late
      Fact: There doesnt seem to be an auditors report – however if there is one it should be filed on the website for peace of mind
      Fact: The 2011 accounts still need to filed

      I am like most NZers sad for anyone to have ill-health and never once made a comparison to the life insurance or payment of debt. FACT: It was actually Matt Mcarten who made that public

      I am just saying that Unions are making losses and all the information (sometime filed late) is all in the public domain.

      I believe Unions have a role in NZ just as I think National and the Mana Party do – but the public is allowed to know as much facts as possible for a good debate. God forbid – Tama Iti adds colour to our country as does Helen Clarke and John  Keys.

      Foul mouth language is not my scene and quite frankly will stop contributing if I felt it was getting out of hand.

      Thanks for your contribution
       

      •  “..Foul mouth language is not my scene..”

        wow..you must be horrified by many of the rightwing commenters here..eh..?

        [email protected]

      • Owl

        Phil – it was across all commentators on things I write. I dont contribute to articles on where I think it has become a talk fest of insults.

        The Owl likes to work on real information without emotion. I do my best work at night.

        It is past my bed time – need to go up the tree for a kip.

      • Peter Wilson

        Lose the “s” on the PM’s name, and you can add “fact based debate” to your CV.

    • In Vino Veritas

      Phillip, there is an old saying about money, it goes something like this: “a fool and his money are easily parted”. People who invested in these companies were greedy for that extra few percentage points above bank rates. And were not clever enough to realise that the risk they were taking (most finance companies were and are, 2nd and 3rd tier lenders) was not reflected in the rates they were receiving. Plus a look at the principals of the business’s in question wouldnt have done any harm. This in no one elses fault but their own. It is tiresome to listen to them bleating that they were ripped off, when in fact it was their gross negligence and greed that put them in the position they are in. 

       A good few of these companies were run within the law of the land, but with limited equity (they were allowed to do this via their trust documents, which gave them the ability to only have 90 -95% net tangible assets). So any sharp movement in property (particularly) and or supply of cash, was always going to be an issue.

      At the very least, before you vent, do some fact gathering.

      •  which ‘facts’ do i need to ‘gather’..?

        [email protected]

      • In Vino Veritas

        Phillip, I’m sure you don’t need to be directed, since you can find anything that supports your positionview with ease. And because I have plenty of other things to do, I am certainly not going to do it for you.

    • Vij

      You are a sad man Phil.  Time you got a real job and stop bludging off the rest of us who actually work.  Don’t talk about morality when you lack the ability to pay your own way.

      •  (reply to vino..)

        chrs for the acknowledgment i always have the facts to back up my claims….

        ..and i was actually asking you to do it for you…

        ..you made the call that needs to be backed up with some facts..eh..?

        …but no go..eh..?

        [email protected]

    • Killjoy

      “and ripped the rest of us off…”

      Um, ripped tax payers off you mean. Unless you had money to invest in SCF, in which case why are you taking money I’ve earned when it could be going to someone who actually needs it?

  • Sarrs

    Check out Rule 17

    “An Auditor who is a qualified accountant shall be appointed by the
    Annual General Meeting. The Auditor shall audit the accounts of the Union once
    each financial year and all the books/vouchers shall be submitted to him by the
    Secretary. An Auditor shall be eligible for reappointment.”

     

    No later amendment to these rules changes this. They are already in
    breach of their own rules by not having their annual accounts audited. 

    • Blokeintakapuna

      Ignorance of the law is no excuse or defence…

      Just like how it is trying to deal with the ERA surrounding any employment matter if you’re a SME owner…

      Throw the book at them – then start with tomatoes and rotten eggs…

  • Scanner

    No problem Cathy Casey has just got Len Brown to write them a cheque to cover the outstanding.

  • Sarrs

    I also note that the (in 2010) bank overdraft over $45k was secured over the residential property on Sackville Street, Grey Lynn, Auckland. The IRD should require a similar security over debt that goes past three months due – then this Union wouldn’t still owe the tax payers for unpaid PAYE, Kiwisaver and goodness knows what else. 

  • johnbronkhorst

    Anyone know how much of this loss, was contributions to the Labour party? or Mccartens political campaign at the Mana bielection? or Mana party’s general election campaign? etc etc and did ANYONE tell the members (should actually mean ASK the members) about this spending??

    • Blokeintakapuna

      haha – what ask – instead of telling?

      Strewth – next all the strikers at the Port will want a secret ballot to determine their own future without the meddling of MUNZ…

  • blam

    PAYE

    Stones….glasshouses

  • @ Phil; why are you sticking up for Unite mate? Unions only represent those who work…

    •  i am not ‘sticking up for unite’…

      ..i am just pointing out the eyewatering hypocrisy/double-standards of so much/many on the right…

      ..you are attacking a person doing all he can to ‘make good’..on a fucken work debt..

      ..and yet many of you are likely those greedy/avaricious bastards who piled into st cant post-guarantee..eh..?

      ..hands up..!

      [email protected]

      • Blokeintakapuna

        if he was “making good” as you suggest – the bill would not have got past $10K… but it’s actually over $152K…

        “Make Good” – Yeah Right!

        The only thing that will make him “good” – is cancer!

  • showing that takapuna ‘class’ again..

    ..eh bloke..?

    [email protected]

    • Super_Guest

      Yeah, I actually agree with our resident bum. Mocking someone’s iminent death is a Standard-esque level of classlessness.

    • politically unstable

       phil, maybe you do speak some sense at times….after all you did get banned from The Standard today….I guess that means you will spend more time here annoying people…

    • Greg M

       Banned from the stranded? I’m impressed Phil, there is hope for you yet!

  • Owl

    I don’t really care if the debt is $1m I just want to bring to the Unite Union members until you receive 2011 accounts – Union members or the Executive could be liable for all the debt.

    Can the Official Assignee levy all members if wound up?
    Is an insolvent Union allowed to operate under NZ law because companies are not?

    I think these are fair questions I would be asking if I was a union member.

    The home page of the Unite Union shows the members voting in the executive in the flowcharts.

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