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:'(
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One of New Zealand’s larger building groups Mainzeal Property and Construction has collapsed into receivership.
PWC partners Colin McCloy and David Bridgman were appointed as receivers for Mainzeal and associated entitities, as a result of a request made by directors to Bank of New Zealand.
The company is understood to have about 400 staff.
Mainzeal director Richard Yan said that after “a series of events that had adversely affected the company’s financial position” and a general fall off in commercial construction work, the company could no longer continue trading. The company was no longer getting shareholder support he said.
Receiver Colin McCloy said they were committed to doing the best they could for suppliers, staff and subcontractors of Mainzeal.
“We will work closely with all parties involved with Mainzeal contracts to determine the best way forward,” he said in a statement issued today.
The company has been involved in the Christchurch rebuild through projects including the demolition of Clarendon Tower, a 17-storey central Christchurch building, which was badly damaged in the February 22 quake.
The receivers were not available for further comment.
Mainzeal announced in October last year that it was setting up a new company structure due to difficult trading conditions.
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Hi Jax
Copied the above story of stuff.co.nz
Bit of a shock to say the least
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What a shock, I was still quoting for these guys several weeks ago. This is going to hurt the industry really bad, a friend of mine is also affected (about 10K) who knows how many of these commercial firms and sole-traders will now flood into the residential sector killing the rates just to stay on top of water. Mainzeal has massive operations also here in Auckland, the next few weeks will be very interesting. :( I feel sorry for all the guys that now have to chase their money, what a pain!
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We can't even get our hand tools off site to do other work that we have. The only info from the receivers has been to make a list on each site of what tools we have on their and how they are identified. This has to be submitted and at some stage a security guard will escort us on to site to get only what is on the list. Have to say that up until January we had no problems with them. I feel sorry for their staff - I believe their wages were not paid on Tuesday night. The fall out will be huge and take a while to come to the surface - subbies, merchants, one man bands, large firms - we've talked to all sorts today - guys with diggers locked on sites, gib stoppers, drainage contractors. There are millions of dollars - it is heartbreaking. :(
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Hope every one comes out OK, really feel for you guys.
Whats going on....the news is like a horror story, all the time.
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Thats horrible Jax :( I hope you guys wont have to much trouble.
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Terrible news.... :( I hope all involved find a way through. And John Key thinks Nz is going A-Ok? Its not funny anymore John....hasnt been for a while now. The land of the long white cloud is sinking..
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The gov could have stepped in to save all those jobs, apparently they just needed to bankroll 1.5 Mill. Isn't that going to cost the gov more now.
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This is a sign of the times with the Governments hands off approach. They are doing the same to our industry and others where they are attempting to get it all self certifying so that if something goes wrong they can say "take the trademan to court, its their problem as they certified it".
The only people who will win will be the lawyers, investigators, advisers and the insurance companies.
As for the tradespeople, we'll be forced out of business and the country will go backwards as it won't be worth being in a trade, the risk will be too high. It will be safer flipping burgers.
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http://www.stuff.co.nz/the-press/business/8284238/Mainzeal-collapse-Law-must-change
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totally agree watchdog.....the ones spoiling it are the ones prospering by it all....sad
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hi guys, What is the chance of a large building company staying in business with politicians at the helm, just shows the competence level of board members,cheers
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Interesting I wonder what will be achieved
Mainzeal fallout – URGENT read down
To all MPGD members
First of all I would like to convey our concern for members affected by the Mainzeal receivership announced last week.
Although MPGD is unable to do anything directly that will help, I can advise that the NZ Specialist Trade Contractors' Federation on which we are represented is, with our support, going into bat on behalf of specialist trades. Member organisations are gathering like information to support our position.
Confidentiality is assured. We will simply take the necessary details to compile into a general data record to enable us to have a clearer picture of what the impact is on our members/ industry. This information will be extremely important in the forward discussions with government to try and achieve change and eradicate the vulnerability security of payment and retentions leaves specialist trades in, and the trickle down or domino effect that occurs when company collapses of this nature occur.
We would ask that you please complete the survey in the link below by ticking the relevant boxes or typing in your response beside each question.
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Roofing Assocation canvassed their members yesterday, I hear that the electrical workers organisation has hired a lawyer to see what they can do, Federation has already got a notice in Friday's newsletter. Believe me any lobbying around law changes to protect retentions etc is welcome. Too late for this situation but would be great if it can protect anyone else going forward.
Took a while - a week since the collapse for something to be asked of members - but believe me if you are caught up in this any support is appreciated.
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how true how true
http://www.stuff.co.nz/the-press/business/8290180/Tradesmen-are-last-to-get-paid