Information you need to consider if you are doing Due Diligence on Industrial Radiators.
Disclaimer
The sole purpose of this website is to provide people with the truth. James Parbery has lied to many people and made many false claims against Julian and Lisa Parbery and Heat Exchanger Services.
This website has existed for over 7 years with James' full knowledge. He threatened to sue in 2011 but nothing came of it.
If what has been written about James Parbery and his actions was untrue he could have gone to Court and have the information removed.
Before you risk time and money, read the information below so you understand what type of person you are dealing with and what problems you could encounter.
What is the value of goodwill when so much of it is linked to one person and their family in the business and it is likely they will not remain in the business?
What is the risk of depending on one supplier for the majority of product? Industrial Radiators' main competitor has a product manufacturing plant in both the North and South Island.
Can James Parbery be trusted?
When James Parbery was left in sole control of the family business, he was later found to be stealing from it for many years. He went to extraordinary lengths to avoid an audit.
He locked his brother (50% Share holder and Director) out of the family business and refused to give him business accounts.
He hired an accountant and with other "professionals", attempted to defraud his brother of his share of the company.
He made many false claims to discredit his brother and delay an audit. These claims were fully investigated by the Official Assignee of Heat Exchanger Services and all the claims were found to be false. The interview of the false claims investigation was recorded.
He accessed the Companies Office Register and falsely resigned his brother as a director and falsely filed the company return claiming an auditor not be appointed. These two actions are crimes against the Companies Act for which he was prosecuted and pleaded guilty.
He borrowed approximately NZ$1.2 million using the false accounts then proceeded to purchase the company loans from the bank. He used the loan documents to force the company into receivership. The receiver was recommended by his accountant...
He also filed other claims in the High Court against his brother in the hope that his brother would run out of money and be unable to defend the liquidation. Documentation proves the claims he made were false and he either quit before Court action or withdrew once he knew his "evidence" would not stand up in court.
During investigation of James' actions to defraud his brother, it was found that he had:
Incorrectly valued stock.
Been selling products and scrap for cash.
Bought personal items and services using company funds.
Been using the company truck and fuel to travel to and from home in Loburn.
Changed his brother's salary without consent.
Given himself unauthorised salary increases and claimed overtime without justification while on a salary.
Allowed the company to suffer cashflow problems due to his draining the company of cash due to his actions.
Lied to his family, mother and other brother.
When he was unsuccessful in his attempt to purchase the business from his receiver, he setup in competition and:
From his receiver, he used the accounts and customer data that belonged to Heat Exchanger Services and the liquidator.
Lied to customers about what had happened to convince them to send him their work.
Claimed that Heat Exchanger Services business had moved to his location which had no signage.
Claimed that Heat Exchanger Services business had closed.
If James Parbery would take these kind of actions against his own brother / business partner, who he had worked with for over 10 years, and lie to his family and customers, what do you think your chances are?
What is a signed contract worth? A comment from a lawyer: “ A contract is only a piece of paper with writing on it to be argued over in a court of law, it is not worth the paper it is written on until it has been agreed on in a court of law”
Going to court is very expensive and stressful...
There are plenty of honest genuine people selling businesses, go and find one.
Industrial Radiators. Jimmy Parbery. Intercoolers. Oil Coolers. Earthmoving. Truck radiators. Bus radiators. Radiator Intercooler Oil coller Christchurch. Industrial radiators