Company owner pessimistic of recovering Mainzeal losses
A construction company owner isn't holding out much hope of recovering any of the money his company is owed after the collapse of Mainzeal. Mainzeal was one of New Zealand's largest construction firms when it went into liquidation in 2013, owing creditors more than $110 million. On Tuesday, the High Court ruled its directors, including former Prime Minister Dame Jenny Shipley, traded recklessly and are liable for $36 million. Tim Smith's company Smith Crane and Construction was subcontracted to demolish buildings in post-quake Christchurch. He told reporter Eva Corlett he's not counting on money coming his way.