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Bridgecorp Sets Up Safety Net For Sub-Contractors

MEDIA RELEASE
March 28, 2001


BRIDGECORP SETS UP SAFETY NET FOR SUB-CONTRACTORS

Auckland financier and investment banker Bridgecorp holdings has made special provisions to financially protect sub-contractors on its developments as a result of the collapse of Hartner Construction Ltd.

Bridgecorp managing director, Mr Rodney Petricevic, said in future, all payments to sub-contractors on their West Auckland apartment project will be paid directly from a special National Bank account within seven days of certification by the project’s quantity surveyors.

“In addition, all retentions will be held in a bank trust account and will be paid directly to sub-contractors as and when they fall due.”

Mr Petricevic said these arrangements will enable sub-contractors to be paid independent of the main contractor and will avoid the debacle caused by the Hartner collapse.

Bridgecorp subsidiary, Goodman Properties is the developer of the Westward Park project and Hartner Construction was the main contractor.

“We have been saddened by the impact on the sub-contractors and while we contacted them all and offered them the chance to assist with the completion of the project, many were unable to do so,” Mr Petricevic said.

The Westward Park project is now underway again with new contracts let where necessary. The site is expected to be operating at full capacity within a week.




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