Mainzeal receivers hand back projects

Assessment continues of the company's 40-odd projects, which are at varying stages.

Mainzeal receivers say they have handed back most projects to clients while completing a small number of them.

“We are working with a core residual team of around 40 Mainzeal personnel in Auckland, Hamilton, Palmerston North, Wellington and Christchurch as we complete the wind down of the Mainzeal business, manage the orderly transition of projects, negotiate settlements with Mainzeal’s clients and recover assets,” according to PwC Partners Colin McCloy and David Bridgman.

“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,” they say in a prepared statement.

The pair continue to assess each of Mainzeal’s 40-odd projects, which are at varying stages.

“We are marketing a package of partially completed houses and sections in various subdivisions around Christchurch and we are presently in discussion with a number of interested parties,” Mr McCloy says.