14 Mar 2013

Mainzeal construction jobs find new contractors

11:02 am on 14 March 2013

A new report says most construction projects formerly run by Mainzeal have resumed operations using different contracting firms.

The Mainzeal group of companies was put into receivership by the BNZ five weeks ago.

Receivers PricewaterhouseCoopers say most of the more than 40 construction projects have reverted to control by the property owners involved and work has resumed using new teams of contractors.

PWC says only two or three sites are still under negotiation.

It says a joint venture that Mainzeal set up for the Christchurch rebuild with the global construction firm MWH has reverted to MWH control, which it says is a highly satisfactory outcome.

PWC says it will reveal how much money has been recovered in its next report due within a month.

The Mainzeal receivership is complicated by the fact the companies were later put into liquidation to another firm, BDO.

PWC says the liquidation will be deferred until its own receivership is dealt with.