Probe into Mainzeal collapse

GREG NINNESS
Last updated 18:45 01/03/2013

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The events leading to the collapse of the Mainzeal Group companies are to be investigated by accounting firm BDO.

Andrew Bethell, Brian Mayo-Smith and Stephen Tubbs, of BDO, have been appointed liquidators of 12 companies that made up the Mainzeal Group, which is already in receivership.

This follows their appointment as liquidators of a related company, King Facade Ltd, three weeks ago.

In a statement issued today, the liquidators said that while the receivers would remain in control of the companies, there were benefits in having liquidators appointed at this early stage, including the investigative powers available to liquidators and not receivers.

This included being able to fully investigate the reasons behind a company's collapse.

"We are currently investigating the affairs of the companies to include in our first liquidators' report which is due within five working days," the statement said.

"A copy of this report will be sent to all creditors and shareholders as well as being filed with the Registrar [of Companies].

"It is our intention to hold a creditors' meeting to enable creditors to meet with the liquidators, ensure the liquidators are fully aware of their concerns and to elect a creditors committee to work with and assist the liquidators with their investigations into the reasons for the failure of the group, [and] the consequent loss to contractors, creditors and other stakeholders."

The liquidators would meet Mainzeal's receivers in the next few days to obtain financial and operational information about the companies.

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- Fairfax Media

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