While the alternative was to face uncertain liquidation proceedings, there is now the added prospect of a potentially higher than 68% payout.
Clan Construction Commercial was working on a Queenstown development project in Frankton Rd, and while winning an adjudication over unspecified issues, it subsequently incurred ''significant costs'', which wiped out any profit from the project.
Mr Mains is now the sole director and 70% shareholder of Clan Construction Commercial, while Michelle Macmillan is no longer a director, but remains the 30% shareholder.
Last Friday, in Dunedin, 14 of the 15 creditors met, making a quorum, and voted 100% in favour of accepting the compromise.
The issue was bought to the ODT's attention last week by a disgruntled creditor, claiming payments were owed from as far back as last April.
Document's lodged with the Companies Office yesterday said ''The company [Clan Construction Commercial] will immediately pay 68% of the sums shown on the creditor list ... as owed to each creditor''.
Mr Mains was contacted, but declined to comment, instead referring the ODT to his lawyer Simon Anderson.
Mr Anderson said the creditors were told last Friday it was estimated the final payout could be ''slightly in excess of 80%'', as Clan Construction Commercial was owed more money than was originally estimated, from several sources.
Mr Mains and Mrs Macmillan have foregone taking a total $229,000 in advances from the company, and will put a total $30,000 cash into the business.
Had the creditor companies not accepted the compromise, Mr Mains and Mrs Macmillan had indicated they would take the $229,000 owed them, not put in the $30,000 cash and would place Clan Construction Commercial in voluntary liquidation.
The 15 companies forego 32c in the dollar in debts owed, and also a total $68,500, which was excluded from any settlement as ''over quotation amount excluded''.
Two companies will miss out on between $25,000 and $30,000 under the ''over quotation amount excluded'' clause.
The compromise document said ''The shareholders of the company will not claim payment of their shareholder advances to the company, conditional upon this compromise being approved''.
The document said any debt remaining to any of the 15 creditor companies following completion of the compromise would be cancelled, including the ''over quotation amount excluded''.
Under the agreed compromise, Clan Construction Commercial is to ''realise its assets'', which last week were reported at $224,000 cash and $45,000 from other sources; plus there will be the $30,000 cash offered from Mr Mains and Mrs Macmillan
In the terms of the compromise document, it notes no creditor is released from performing maintenance and/or remedial work obligations, with payment held in trust until obligations had been completed.
The terms also noted that the 15 creditor companies agree that if a liquidator was appointed after the compromise was approved by them, the compromise would continue and be binding on the liquidator of Clan Construction Commercial.
