13 Sep 2019

Stanley Group collapse: Creditors owed $9.5m

From Checkpoint, 6:14 pm on 13 September 2019

A business owner caught up in the collapse of the Stanley Group of construction companies says it could sink his own firm as well.

Six Stanley construction group companies were placed into liquidation last week, and four associated Tallwood companies, with 120 staff in Waikato and Auckland laid off.

Today's first liquidators report shows the companies owe creditors $9.5 million.

It also says it may not have held enough money in retention, as it was legally required to do.

And the group's directors are blaming significant under-pricing of a large Housing New Zealand project for their woes. Jordan Bond reports.