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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news