Mainzeal put in receivership

One of New Zealand's biggest building groups, Mainzeal Property and Construction, has been put in receivership.

The company has been involved in the Christchurch rebuild through projects such as the demolition of the Clarendon Tower, a 17-storey central-city building badly damaged in the February 2011 earthquake.

Colin McCloy and David Bridgman, partners of accountancy firm PwC, were today appointed receivers of Mainzeal Property and Construction Ltd and associated entities.

The receivership was a result of a request by its director to the BNZ, McCloy and Bridgman said.

Mainzeal director Richard Yan said a series of events had adversely affected the company's financial position, coupled with a general decline in commercial construction.

In the absence of further financial support, the company could no longer continue trading.

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

''We will work closely with all parties involved with Mainzeal contracts to determine the best way forward,'' he said.

The Press