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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news