Mainzeal goes into receivership
One of New Zealand’s biggest and best-known construction companies, Mainzeal, has gone into receivership this afternoon.
The company, known for building Wellington Airport’s copper terminal, the Supreme Court and Vector Arena, couldn’t recover from its financial problems and called in receivers today.
PriceWaterHouseCoopers has been chosen by BNZ to receive the floundering construction company after Mainzeal’s director Richard Yan made the call that the company could no longer continue trading.
One of the men tasked with sorting out the business, Colin McCloy, says he will try do the best for staff, suppliers and subcontractors.
“We will work closely with all parties involved with Mainzeal contracts to determine the best way forward,” he says.
Currently, Mainzeal is part-way through a number of major projects, including the overhaul of Victoria University’s Kelburn campus, the construction of MIT’s new Manukau campus and the demolition of Clarendon Tower in Christchurch.
It has put nine tenders in for projects around New Zealand including new school buildings and road bypasses.
The construction company, which formed in 1968, had only just moved into its new head office building in Auckland.