Liquidators appointed to Mainzeal, Richina companies

Liquidators appointed to Mainzeal, Richina companies at shareholders behest

March 1 (BusinessDesk) - Liquidators have been appointed to a raft of Mainzeal and Richina related companies at the request of the shareholder.

BDO's Andrew Bethell and Brian Mayo-Smith have been appointed liquidators of the group companies, including the first firm to fall over Mainzeal Property and Construction, according to documents lodged with the Companies Office. The appointments were made yesterday by a special resolution of the shareholder, as opposed to being court appointed.

Bethell wasn't immediately available for comment.

The companies put into liquidation include Mainzeal Property and Construction, Mainzeal Living, 200 Vic, Mainzeal Group, Building Futures Group, Mainzeal Construction, Mainzeal Ltd, Mainzeal Construction SI, MPC NZ Ltd, RGRE Ltd.

A number of Richina related companies and limited partnerships are still active according to the Companies Office.

Last month, BDO's Mayo-Smith, Bethell and Stephen Tubbs were appointed liquidators related company King Façade NZ, which was found to have racked up $18.9 million of total liabilities on assets of $4.5 million.

On Feb. 21, Richina chairman John Walker published a statement on the company's website saying Richina Pacific was reviewing the guarantees it has provided Mainzeal and its affiliates.

"The Board of Directors and management of RPL (Richina Pacific Ltd) are reviewing the level of exposure that RPL has as a result of the receivership of Mainzeal. We will communicate with the shareholders as we know more," he said.

(BusinessDesk)

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