Most sites being worked on by Maizeal before its collapse last month have now been handed back to their clients, according to receiver PricewaterhouseCoopers.
Hope remains that the collapsed company's subcontractors and staff will now be re-hired to work on the various projects.
Mainzeal Property and Construction, which was New Zealand's third largest construction firm, went into receivership on Waitangi Day leaving workers and subcontractors locked out of about 40 worksites.
PwC partners Colin McCloy and David Bridgman said in an update today (Thur) they had "made good progress" with what was a "large and complex receivership".
Assessments were being undertaken of each of Mainzeal's projects, which the majority of clients had chosen to complete using other contractors.
"We have therefore handed most sites back to Mainzeal clients, in a controlled manner, and we are reaching settlements in respect of those contracts," McCloy said.
"In the meantime, we are completing a relatively small number of selected projects through Mainzeal.
"With the progress to date, it is hoped that Mainzeal subcontractors and staff will have a prospect of being re-hired on various jobs."
McCloy acknowledged that the situation had been "trying" for all parties involved.
"This receivership represents an extremely disappointing end for what has historically been a well recognised brand in the New Zealand construction sector, and we appreciate the impact of this receivership on all stakeholders."
About 1000 subcontractors are thought to have been working for Mainzeal at the time of its collapse.
PwC was now in the process of trying to sell a group of partially completed houses and sections in subdivisions around Christchurch and was in talks with interested parties, McCloy said.
The partners were working with a team of about 40 Mainzeal staff around the country.
"The receivers are now focused on realising Mainzeal's property assets, realising items of plant and equipment, reconciling obligations to subcontractors, suppliers and staff, and addressing a range of other matters.
"The receivers are also working with the Liquidators appointed to Mainzeal, assisting them with their reporting requirements and other statutory obligations."
- By Ben Chapman-Smith of Herald Online
