First Mainzeal claims total $93.5 million
The liquidators of Mainzeal Property and Construction have received $93.5 million of claims from unsecured creditors.
The group’s accounting records show $95 million of assets, including $72.7 million of related-party assets, although their estimated realisation value is recorded as unknown.
"Further actions will be subject to availability of funding and an assessment of the benefits of pursuing recoveries," Andrew Bethell, Brian Mayo-Smith and Stephen Tubbs of BDO say in their first report.
The liquidators are yet to say how much, if anything, preferential and unsecured creditors will be paid and have not detailed the cost of the liquidation.
Amounts owed to secured creditors are not shown in the report.
Mainzeal collapsed in February, putting the future of major construction projects around the country in jeopardy.
Of the $95.3 million of claims from unsecured creditors, $11.5 million come from employees, $51.7 million from trade creditors, and $18.3 million from sub contractor retentions.
The report says that the main trading company MPCL relied on support from entities outside New Zealand.
"It appears that the recent withdrawal of that support was the catalyst for the remaining director to appoint receivers," the report says.