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

 


Bermuda-based Richina Pacific in provisional liquidation

Bermuda-based Richina Pacific in provisional liquidation, gives registrar financials

By Paul McBeth

Dec. 4 (BusinessDesk) - Richina Pacific, the parent of failed construction firm Mainzeal Property & Construction, is in provisional liquidation since quitting the NZX five years ago, and has handed over its financial statements to the Companies Registrar for the financial years leading up to its demise.

The registrar was looking into the financial reporting obligations the Mainzeal and Richina group of companies, which were murky due to various amalgamations and restructures leading up to its ultimate collapse on earlier this year.

The registrar decided the only entity in the group obliged to file financial statements was Richina Pacific, which arose because the company was an issuer. It was initially registered as a local company, but later relocated to Bermuda, moving to the overseas company register, a spokesman for the registrar said in an emailed statement to BusinessDesk.

“RPL was removed from the overseas companies register in 2009, but has provided the registrar with financial statements for the 2009, 2010 and 2011 financial years,” he said. “RPL is now in provisional liquidation in Bermuda.”

Earlier this year, Milford Asset Management executive director Brian Gaynor wrote in the New Zealand Herald newspaper that he remained a shareholder in Richina after it delisted from the NZX in December 2008, but has had no correspondence from the company nor received an annual report since then.

Last month, receivers for Mainzeal Property & Construction, David Bridgman and Colin McCloy of PwC, said they expected to have surplus funds for the liquidator of the Mainzeal group, and have since said they’ll hand over to the liquidator once preferential claims, such as paying employees, and other statutory obligations are met.

The liquidators represent unsecured creditors owed some $106.3 million, whereas the receivers were appointed by Bank of New Zealand, which was owed $11.3 million, the bulk of which was over the Mainzeal headquarters building on Auckland’s Victoria St. Preferential creditors, including staff entitlements and outstanding tax, were owed about $5.3 million, according to the latest receiver’s report.

The receivers are working with liquidators Brian Mayo-Smith, Andrew Bethell and Stephen Tubbs of BDO in pursuing some $46.6 million in related party debt, which stemmed from two significant restructures in the two years leading up to the group’s collapse.

Mainzeal Property & Construction and Mainzeal Living were tipped into receivership on Feb. 6, the Waitangi Day public holiday, and 200 Vic joined them on Feb. 13. Liquidators were appointed to the Mainzeal group later that month on Feb. 28.

Former Prime Minister Jenny Shipley and former Brierley Investments chief executive Paul Collins resigned as directors of Mainzeal Property and Construction in December, at the request of Mainzeal and Richina group principal Richard Yan, an Auckland-based businessman, but remained directors of Mainzeal Group until just before the MPC receivership.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news