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,
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