The receivers of Mainzeal Property and Construction say about
half of the failed firm's staff have been made redundant in
an urgent effort to reduce the company's operating costs.
Receivers PwC say that with suspension of work on all
Mainzeal sites it had become necessary to review staffing
levels and the redundancies had been made as a result of that
An exact number of job losses has not been released but PwC
receiver Colin McCloy told BusinessDesk that about 200 staff
have been made redundant to stem operating cash flows as they
move as quickly as possible to a rescue package for the firm.
Mainzeal employed about 400 staff in New Zealand.
Mr McCloy confirmed that the receivers were in talks with
parties interested in buying Mainzeal or its assets.
"We understand the importance of a prompt and efficient
management of this receivership and we remain committed to
working as quickly as possible through this receivership,"
PwC said that since Friday the receivers had been working
with contractors and subcontractors to give them access to
sites to ensure all parties involved were safe and property
could be retrieved in a "controlled manner".
"We want to thank all parties involved in this Receivership
for their patience, we understand it is a challenging time
for everyone," said McCloy. "We're continuing to evaluate
individual projects in an effort to restart or transfer work
on some sites as soon as possible, subject to contractual
arrangements and our statutory obligations as receivers."
Mainzeal Property and Construction, New Zealand's third
largest construction firm, announced its receivership on