Construction firm Mainzeal collapses

Last updated 15:42 06/02/2013

Related Links

Building giants restructure as market troughs

Relevant offers

National business

Battle over NZ trusts linked to Malaysian 1MBD scandal in court Point England Reserve developers Ngati Paoa respond to public concerns $36 billion on the card: Canstar reveals Kiwis' massive credit card interest bill Spark joint-venture Southern Cross commits first $8m for new Pacific cable More than 500 job losses as more Pumpkin Patch stores to close Business leaders can't expect to avoid the difficult questions forever New Zealand's sheep numbers continue to fall What's selling at the inauguration: Socks, mugs and Trump-scented candles Taranaki company charges $120 to dump rubbish on the side of the road Baby City fined $39k for selling non-compliant cots

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