Stonewood franchise guarantees 'will be honoured'

Regrettably, businesses fail from time to time.

The receivership of related Stonewood Homes franchises in Christchurch won’t disadvantage people who have contracts, according to the Registered Master Builders Association

The director of Stonewood Homes Ltd and Sterling Homes is Brent Mattrick.

Companies Office records show director Jim Boult resigned on February 1.

Receivers Grant Graham and Neale Jackson of KordaMentha were appointed this week.

Mr Boult was formerly chief executive of Christchurch International Airport and more recently became a director and chairman of Signal Management Group, a South Island project and construction management company based in Dunedin and Christchurch and is executive director of Hawkins Group.

A couple of weeks ago the company said it was halting operations while it recapitalises.

Meanwhile, the Registered Master Builders Association says it is regrettable Stonewood Homes in Christchurch has gone into receivership but it confirms all Stonewood Christchurch homeowners have Master Build Guarantees and, therefore, all of its homes will be completed.

“We will be working with the receivers closely to ensure that while they work on behalf of the secured creditors, we will be doing our best to ensure that the guarantees are not compromised so the homes are completed.

“We will help KordaMentha find registered master builders who can take over the contracts. This could take some time to sort out,” Registered Master Builders Association chief executive David Kelly says.

Homeowners with guarantees should not pay money to anybody or contract new builders themselves because at this stage the original Stonewood Homes building contract that has the guarantee is owned by the receivers.

The master builders association is in the process of contacting all of the Stonewood Homes Christchurch homeowners to inform them of the process and ensure that in the short term they do nothing to compromise their rights under the guarantee.

“It is because of unfortunate circumstances like this receivership that the association developed the Master Build Guarantee. From time to time, regrettably, businesses fail.”

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