Mainzeal liquidators delay first report

Last updated 14:06 06/03/2013

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Creditors have made more than 2000 claims against Mainzeal Property and Construction, the company's liquidators say.

Liquidators, Andrew Bethell, Brian Mayo-Smith and Stephen Tubbs, of BDO, are delaying their first report, which had been due today, because of the complicated nature and size of the liquidation of one of New Zealand's largest construction companies.

"We are actually in the middle of the application [to the High Court] to have that extended [date for first report] given the sheer number of creditors and the complicated financials of the group," Bethell said. "We are seeking around about a week."

Mainzeal Property and Construction was placed in receivership by its main shareholder, Auckland businessman Richard Yan, on Waitangi Day.

Other companies in receivership also were Mainzeal Living and 200 Vic.

Liquidators were appointed on Friday to those three companies in receivership and nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal Group, Mainzeal Property and Construction, Mainzeal Living, 200 Vic, Building Futures Group Holding, Building Futures Group, Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal Construction SI, MPC NZ and RGRE.

Bethell said the liquidators still intended to have a creditors' meeting and were seeking an extension of time also to have that.

The creditors' meeting usually took place in the main centre of business which in this case was Auckland, he said.

They were waiting today to hear from the court.

Bethell said the number of creditors was "in excess of 2000".

It was too early to say how much the creditors were claiming.

"We wouldn't like to put an estimate on it at this stage."

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