Construction firm Mainzeal collapses

Last updated 15:42 06/02/2013

Related Links

Building giants restructure as market troughs

Relevant offers

Industries

Demand for builders heats up Heart of the City paid $800,000 in contractor fees Orion Health share fall on lower cash flows Tourism Radio NZ seeks to crowdfund $350K Resort plans for two Auckland islands Prime News redundancies confirmed Picton firm N-Viro supplies parts for floating superstructure Wynyard Group confirms it undershot revenue target Chinese tourists flock to NZ Migration boom tops 50,000 for first time

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