Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Update on Mainzeal Property and Construction

Update on Mainzeal Property and Construction Limited and associated entities (In Receivership)

20 February 2013

PwC Partners Colin McCloy and David Bridgman as Receivers to Mainzeal Property and Construction Limited and associated entities today have provided an update on their current plan for this receivership.

Mainzeal is a large and complex receivership with many different stakeholders and we want to assure all parties that the receivership is being progressed as quickly as possible consistent with the Receivers’ statutory obligations,” says Mr McCloy.

“We have nearly completed our initial assessment of Mainzeal’s projects and have had ongoing contact with Mainzeal’s clients and staff since our appointment. We will continue walking them through each step of what a receivership means. We understand it is a trying time for everyone.”

“We are pleased to have reached some milestones, for example the orderly transition of a substantial number of Christchurch staff to MWH Recovery which has bought Mainzeal out of the MWH Mainzeal Joint Venture,” adds Mr McCloy.

Limited work has resumed on the Kapiti Coast District Council site. The Receivers hope to be in a position to either resume work or, as is more likely in a number of instances, transfer responsibility for other projects back to the client or another contractor in the near future.

“With the progress to date, the vast majority of contractors and sub-contractors have been given access to the sites in order to retrieve their tools and equipment,” says Mr McCloy.

“We also want to thank all parties involved in this Receivership for their patience.”

The Receivers were appointed on Wednesday 6 February 2013 and will provide additional updates when appropriate.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news