Ratbag director banned for 8 and half years

Ratbag lovers: Kendall Twigden with Mark Brewer on Queenstown’s Skyline gondola

Whaleoil has covered the antics of Kendall Twigden, her stooges and the Phoenix Forex rot some years back.

Let us concede when the Herald get it right – this is a good article, but they have unhelpfully omitted the key point that Twigden was the patsy and lover of ratbag businessman and bankrupt Mark Brewer.

Twigden and Brewer have more recently been replicating their modus operandi in Ireland with variations of their currency trading software ruse. Hopefully the constant scrutiny is catching up with them.

Failed forex boss Kendall Twigden has been labelled “a menace to the public” and banned from directing or managing a company for eight and a half years.

In a recently released decision, Deputy Registrar of Companies Peter Barker outlined dozens of complaints about Twigden in relation to three firms of which she was either a sole or co-director – Acorn Publishing Limited, Restaurant Limited and Phoenix Forex.

The decision was sought by the Ministry of Business, Innovation and Employment (MBIE), which presented evidence that Phoenix Forex continued trading while it was insolvent and that it owed creditors an estimated $2.1 million by the time it was placed into liquidation,

The Inland Revenue Department (IRD) also claimed that it was owed $1.4m from the company in PAYE, GST and student loan employee deduction arrears.

“I consider Ms Twigden has thumbed her nose at the IRD and has effectively disregarded the IRD as a creditor. Her mismanagement was either wilful or fundamentally ignorant of what is required of a company director,” Barker said in the decision.

He accepted MBIE’s evidence that Twigden had failed to keep proper accounting records in relation to Phoenix Forex and Acorn Publishing which, rather than being some sort of technical breach, he considered “serious and fundamental”.

MBIE said liquidators, after analysing Phoenix Forex’s bank accounts had found transactions including about $221,000 on restaurant expenditure, about $311,000 on personal retail spending, about $209,000 for payments of personal rent, and cash withdrawals of some $526,000.

“I consider the amount of money siphoned out of the company for the personal use of Ms Twigden to be appalling,” Barker said. “I consider Ms Twigden has no concept of a company having a separate legal identity to the director and she cannot see that the personal self interest of Ms Twigden is different from the duties she owes to the companies and their creditors.”

He added: “I consider that a director taking money from insolvent companies for her personal use is committing a theft on the creditors of those companies, particularly when those companies are insolvent.”

Barker said it was apparent that Twigden had left New Zealand and had not updated her physical address with the Companies Register, as a company director is obliged to do.

MBIE had obtained two email addresses for her and sent her all necessary documents yet received no response.

I too am trying to track them down and have numerous emails outlining their dodgy approach and similar tactics in Ireland and the UK. Two names they are using are VodaFX and WiseFX. Though both companies and details about them seem to have become stale around 2015.

She will turn up, most likely in the dock, these people always do.


-NZ Herald


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