Construction firm Mainzeal collapses

Last updated 15:42 06/02/2013

Related Links

Building giants restructure as market troughs

Relevant offers


Pawsome response to dog pen at Tauranga's Bayfair Shopping Centre Wellington Airport's runway extension plan stuggles to pass the sniff test Chris Parkin spending up large on Wellington properties Motorists get biggest benefit of ACC proposed levy cuts New airport proposed on Queenstown Hill Fourth big Scentre shopping mall, West City, goes on the block Frozen yoghurt firms face charges Auckland hotel rates will continue to rise, Hospitality Association says Transport agency to fix Raynes Road intersection Jetstar's first Napier to Auckland regional flight touches down early

One of New Zealand’s larger building groups Mainzeal Property and Construction has collapsed into receivership.

PWC partners Colin McCloy and David Bridgman were appointed as receivers for Mainzeal and associated entitities, as a result of a request made by directors to Bank of New Zealand.

The company is understood to have about 400 staff.

Mainzeal director Richard Yan said that after “a series of events that had adversely affected the company’s financial position” and a general fall off in commercial construction work, the company could no longer continue trading. The company was no longer getting shareholder support he said.

Receiver Colin McCloy said they were committed to doing the best they could for suppliers, staff and subcontractors of Mainzeal.

“We will work closely with all parties involved with Mainzeal contracts to determine the best way forward,” he said in a statement issued today.

The company has been involved in the Christchurch rebuild through projects including the demolition of Clarendon Tower, a 17-storey central Christchurch building, which was badly damaged in the February 22 quake.

The receivers were not available for further comment.

Mainzeal announced in October last year that it was setting up a new company structure due to difficult trading conditions.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content