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Just 14 workers left at Mainzeal

Tuesday 9 Apr 2013 10:50 a.m.

(File)

(File)

Mainzeal Group's receivers have slashed the number of full-time workers to just 14 from 500 as they focus on quantifying liabilities at the failed construction firm, according to their first report.

The group owes $11.3 million to its only first ranking secured creditor, Bank of New Zealand, the report from Colin McCloy and David Bridgman of PwC outlines.

In addition, there are 114 specific security financing statements for the supply of goods and services, including seven from BNZ, which are still being assessed.

Unsecured trade creditors are the biggest by value at $70 million.

Employees are owed $5.2 million and the Inland Revenue Department is likely owed $600,000, according to company records.

The receivers also identify contingent liabilities including $33.5 million in contractor bonds. How much of the bonds may be called isn't known yet, the receivers say.

The receivers have kept on nine construction management staff to assist in completing projects and recover receivables, three finance and admin workers and two asset management workers. Other former employees have been hired on a casual basis.

Mainzeal's key assets are listed at book value of $111.4 million, of which $71 million are related party receivables, $21.2 million are contract receivables, fixed assets $12.3 million and residential properties $5.9 million. Its 50 per cent interest in a Christchurch project management services firm isn't quantified.

Liquidators have been appointed to the commercial construction sector player Mainzeal Group, less than a month after one of its primary trading arms, Mainzeal Property and Construction, was placed in receivership.

Mainzeal went into receivership on February 6.

NZN

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