NZ:Mainzeal Receivers Recoup $28.3m

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Tuesday, April 8th, 2014
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Receivers for Mainzeal Property & Construction and Mainzeal Living have recovered some $28.3 million and made payments of $26.5m, including settling outstanding wages and distributing surplus funds to the liquidators.

Bank of New Zealand, which was owed $11.3m as secured creditor of the Mainzeal companies, appointed PwC’s David Bridgman and Colin McCloy as receivers on February 6, 2013.

Liquidators were appointed to the entire Mainzeal group later that month.

The second receivers’ report shows BNZ got $2.2m in distributions in the 12 months through February from Mainzeal Property and Mainzeal Living, bringing the bank’s total recovery to date to $10.7m including proceeds of the sale of the group’s head office owned by another company, 200 Vic.

Included in the total $11.3m is $900,000 related to a bond issued by BNZ.

Mainzeal Property and Mainzeal Living’s receivables in the 12 months ended February 5 included $5.9m from asset sales and $8.75m from property sales.

Contract recoveries amounted to $9.2m.

Payments included some $5.3m owed to employees, about $3.1m for the receivers’ own fee, and $1.1m on legal fees.

A surplus of $3.58m was handed to the liquidators.

Unsecured creditors, whose claims are being dealt with by the liquidators, total $139.3m.

In the liquidators’ report of last month, BDO’s Andrew Bethell, Brian Mayo-Smith and Stephen Tubbs said they were reviewing and reconciling claims submitted by creditors.

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