Mainzeal Property and Construction - one of New Zealand's
largest construction companies - has gone into receivership.
In a statement issued this afternoon, Mainzeal director
Richard Yan said the company could no longer continue trading
due to a "series of events that had adversely affected the
company's financial position", combined with a general
decline in commercial construction activity and lack of
PwC partners Colin McCloy and David Bridgman have been
appointed as receivers.
Mr McCloy said the receivers were "committed to doing the
best we can for suppliers, staff and subcontractors".
Mainzeal was founded in 1968 and employs more than 400
It is the country's third largest construction company,
behind Fletcher Construction and Hawkins Construction, and
has built some of the country's largest structures, including
Auckland's Vector Arena.