The retiree, who the Bay of Plenty Times agreed not to name, learned last month that Hollis had launched a business called Kiwi Gold Deals 2025 Limited.
Registered on November 7, it was described as a second-hand jewellery retailing business (except pawnbroking).
Hollis also registered Business Mastery Coaching Limited on October 13, a business management training service.
He is the sole director and shareholder of both new businesses.
The Bay of Plenty Times contacted Hollis regarding the retiree’s complaints about the new businesses and the owed funds.
He said he could not comment on the liquidator and receivership processes.
“But I fully understand that people might be outraged and upset, and I’m also waiting to get more information from [the receivers] about the receivership process and when it might be completed.
“I don’t understand why it’s taking so long.”
The retiree said the 5-ounce gold bar had been a “retirement investment”, which she decided to sell after the recent death of her husband.
She said payment from Guardians of Gold was due September 8, but never arrived.
There was a 14-day holding period under the Second-Hand Dealers and Pawnbrokers Act, which ended on September 5, and the retiree believed that meant ownership of the gold bar still rested with her.
“I want to know where my gold bar is, especially given it’s now worth around $36,000 or even higher.”
Paul Manning and Thomas Rodewald of BDO Tauranga were appointed liquidators of the company.
Damien Grant and Adam Botterill of Waterstone Insolvency were appointed receivers by Mayfair Finance Limited, a company owed $250,000 by Guardians of Gold according to the first receivers’ report from November 27.
The Guardians of Gold Limited office on Durham St in Tauranga. Photo / Sandra Conchie
The liquidators’ first report on September 5 said claims by unsecured creditors totalled $385,865, but the actual amount owed was “likely to be significantly higher”.
The retiree was listed among the 85 known unsecured creditors in the liquidators’ report.
She said she was “outraged” that Hollis had opened the new businesses given Guardians of Gold’s debts, and said in her opinion his conduct was “morally wrong”.
Bolen Ng, the Business Registeries national manager at the Ministry of Business, Innovation and Employment, said there was no legal impediment to prevent Hollis from setting up another company. He was not disqualified from being a company director, nor an undischarged bankrupt.
The retiree said she contacted Waterstone’s receiver Grant several times, who told her the gold was “likely gone”.
He would not confirm the gold bar’s location, she said.
Waterstone Insolvency principal Damien Grant. Image / Supplied
Grant told the Bay of Plenty Times the business records were not in a “sufficient state” to be confident about allocating physical gold to the various claimants.
“In any event, if the asset was not in the company’s possession at the time of liquidation and then receivership, we cannot return to [the retiree] what we do not possess.
“This creditor is competing with the Inland Revenue and a secured lender who, potentially, has a greater claim to her gold, even if we had it, which we may not.”
Grant and Botterill’s first report included an estimated statement of affairs.
As well as the Mayfair Finance claim, they had received a preferential creditor claim from Inland Revenue of $33,861, an additional secured creditor claim of $2566, and 26 unsecured creditor claims totalling $230,047.
Auctioning the fitouts for the three Guardians of Gold retail stores in New Zealand had netted $15,604.
As the court would determine ownership of the rest of the company’s inventory, the receivers could not say what might be distributed to creditors.
The retiree said she filed a theft complaint with the police against Guardians of Gold but was told it was a civil matter, and also contacted the Serious Fraud Office, but was advised the matter did not fall within the SFO’s mandate.
“I have made a lot of complaints, but so far nothing has come of it, but I’m determined to keep on fighting to get my gold back. I have hired a lawyer and intend to contact the Police Commissioner,” she said.
A SFO spokesperson confirmed there was no basis to suspect serious or complex fraud, including corruption.
A police spokesperson said the police would re-examine her complaint if new information came to light that included criminal offending.
Sandra Conchie is a senior journalist at the Bay of Plenty Times and Rotorua Daily Post who has been a journalist for 25 years. She mainly covers police, court and other justice stories, as well as general news. She has been a Canon Media Awards regional/community reporter of the year.