Duco events director David Higgins speaks to media at a press conference in Auckland in 2017.
Three companies owned by high-profile boxing promoter David Higgins have been placed into voluntary liquidation.
The Companies Office shows Duco Promotions and associated companies Mammoth Events and Zenith Events, all owned and directed by Higgins, were placed into voluntary liquidation on Tuesday.
Higgins, who co-founded Duco Events in 2004, is perhaps best known as New Zealand heavyweight boxer Joseph Parker’s manager.
Higgins said the three businesses being wound up had not been in operation for at least a year-and-a-half, however his other events businesses were still running.
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“It really didn’t serve any purpose and the three companies were sitting there on the shelves and it was always on my agenda to tidy them up, restructure them and get rid of them, the Covid-19 situation brought it to a head,” Higgins said.
“Long story short, it’s business as usual.”
Public records show Duco Promotions received a wage subsidy of $28,118 for four staff, who continued to work for him under other companies.
Higgins said the three businesses in voluntary liquidation did not owe money to creditors, however, an office space was registered under Duco Promotions, and he was working with the landlord to find a new tenant.
He said his other companies, Duco Touring, Duco Events and Sports Advisory and Management, were still operating and hosting a number of events in coming months.
“Make no mistake we have great events scheduled and we’ll be back.”
The next event Higgins’ company Duco Events was hosting was the “Summer of Synthony” on October 30.
Higgins had an 80 per cent stake in all three companies, while Melbourne-based Rachael Carroll owned the remaining 20 per cent in each of the three companies.
Covid-19 had hit events businesses hard, Higgins said.
“It’s always been tough in events and [Covid-19] is one more challenge we’re overcoming, so we’re staying positive.”
He said his other companies were managing to stay in operation through the wage subsidy and cash reserves.
Duco Events’ website says the business is one of Asia Pacific’s leading events management and sports promotion companies.
Duco stages business dinners, hosting celebrity speakers like Richard Branson and Bob Geldof, sporting contests like cricket’s Black Clash, NRL Auckland Nines and Parker’s boxing fights.
Higgins said he was still working with Parker.
“We’ve had a very important hand in growing his career. Nothing has changed there. We were the promoter, we are now involved in management.”
Higgins’ alumni biography on Auckland University’s website says the bachelor of commerce graduate played a pivotal role in establishing New Zealand’s pay-per-view sports television market.
“The 2009 David Tua versus Shane Cameron boxing match, which he organised, holds a world record for pay-per-view uptake as a percentage of population.”
Liquidators have 25 working days from the date of liquidation to publish a liquidators’ report outlining a company’s position.
When a company enters into liquidation, a liquidator is appointed to investigate the company’s financial affairs, establish the cause of its failure and investigate possible offences by the company or a director.
Liquidated companies are closed down, and removed from the Companies Register.