Liquidators have been appointed to a raft of Mainzeal and Richina related companies at the request of the shareholder.
BDO's Andrew Bethell and Brian Mayo-Smith have been appointed liquidators of the group companies, including the first firm to fall over, Mainzeal Property and Construction, according to documents lodged with the Companies Office.
The appointments were made yesterday by a special resolution of the shareholder, as opposed to being court appointed.
The companies put into liquidation include Mainzeal Property and Construction, Mainzeal Living, 200 Vic, Mainzeal Group, Building Futures Group, Mainzeal Construction, Mainzeal Ltd, Mainzeal Construction SI, MPC NZ Ltd and RGRE Ltd.
A number of Richina-related companies and limited partnerships are still active, according to the Companies Office.
In a statement, the liquidators say they are investigating the companies' affairs and their first report is due within five days.
"It is our intention to hold a creditors meeting to enable creditors to meet with the liquidators, ensure the liquidators are fully aware of their concerns and to elect a creditors committee to work with and assist the liquidators with their investigations into the reasons for the failure of the group, the consequent losses to contractors, creditors and other stakeholders.
"The liquidators are meeting with the receivers of Mainzeal in the next few days to obtain more financial and operational information about the group."
Last month, BDO's Mr Mayo-Smith, Mr Bethell and Stephen Tubbs were appointed liquidators for related company King Façade NZ, which was found to have racked up $18.9 million of total liabilities on assets of $4.5 million.
On February 21, Richina chairman John Walker published a statement on the company's website saying Richina Pacific was reviewing the guarantees it has provided Mainzeal and its affiliates.
"The board of directors and management of RPL (Richina Pacific Ltd) are reviewing the level of exposure that RPL has as a result of the receivership of Mainzeal. We will communicate with the shareholders as we know more," he said.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Cooperative Bank posts flat annual earnings as shrinking margins offset lending growth
- Legal snags mount for Goff's proposed rates increase for hotels and motels
- NBR Rich List family unable to settle dispute over $264k
- New Warehouse executive explains his $150k Trump donation
- Trump will probably win re-election in 2020
Most listened to
- Lawyer Adina Thorn discusses her decision to launch a class action against Carter Holt Harvey over its Shadowclad product
- Westpac senior economist Satish Ranchhod says student inflows continue to be a big driver of growth
- Volpara chief executive Ralph Highnam on his company's $9.6m loss and fast-growing revenue
- NBR's Jenny Ruth on what analysts are saying about Ebos' $A154m HPS purchase
- NBR Radio: best of the week ended May 26, with Grant Walker