24 Feb 2016

Chch residents to have Stonewood homes finished despite receivership

6:48 pm on 24 February 2016

Christchurch residents will still have their Stonewood homes completed, despite the company going into receivership.

Stonewood Homes has 110 houses under construction in the city and is estimated to owe unsecured creditors about $15 million.

The Registered Master Builders Association said all the homes have Master Build Guarantees, and it will look for other firms to take over the house contracts.

The receivership affects the Christchurch company and Stonewood New Zealand Ltd, the master franchisor of the Stonewood group, but no other independently owned Stonewood franchises.