News that the country's third largest construction company is in receivership has sent shockwaves throughout the industry.
Mainzeal Property and Construction - which employs 400 workers - has been placed in the hands of the receivers PricewaterhouseCoopers.
Pay disputes and the cost of repairing leaky homes are thought to have contributed to the collapse the commercial construction company.
The company was founded in 1968 has more than 400 employees as well as subcontractors.
It has been involved in $7.5 billion worth of projects, including Auckland’s Vector Arena and Manukau Institute of Technology's $250 million campus.
It's heavily involved in projects in the Christchurch rebuild.
Canterbury Earthquake Recovery Authority head Roger Sutton says the move is a shock - but hopes Mainzeal's employees can find jobs elsewhere in the rebuild.
“There are plenty of other construction firms out there. The people that are working for those firms while it’s very difficult and frustrating for them, I would expect they are all, the ones in Christchurch anyway, are very quickly going to pick up work if Mainzeal isn’t actually onsold as a growing concern.”
Mainzeal’s parent company Mainzeal Group is not in receivership.
RadioLIVE / 3 News