Receivers in talks over potential sale of all or part of Mainzeal’s business and assets; some redundancies to urgently conserve cash

p>PwC Partners Colin McCloy and David Bridgman say they are in talks with potential acquirors for all or part of Mainzeal”s business and assets.

“We are currently in talks with some parties interested in buying the business and assets of Mainzeal, either as a whole or by segment. We understand the importance of a prompt and efficient management of this Receivership and we remain committed to working as quickly as possible through this Receivership,” said McCloy.

The pair were appointed receivers to Mainzeal Property and Construction Limited on Waitangi Day (Febuary 6 after  sole remaining director, Richard Yan said the shareholder Richina had refused to commit more equity and the BNZ pulled funding.

McCloy and Bridgman confirmed their current plan of activities for the receivership. They say in addition to having regular contact with Mainzeal staff to update them, they  have been assessing the situation of all Mainzeal sites, and will be endeavouring to talk to all site owners within the coming days.

A PwC statement said: With the suspension of work on all Mainzeal sites, the receivers have found it necessary to review the company”s staffing level in order to urgently reduce cash operating costs, and as a result, a number of staff have been made redundant.

Also, since Friday 8 February, the receivers have been working with all contractors and sub-contractors to give them access to the sites, to ensure all parties involved (from staff to contractors and residents in some cases) are safe and that property that rightfully belongs to contractors can be retrieved in a controlled manner.

“We want to thank all parties involved in this receivership for their patience, we understand it is a challenging time for everyone. We’re continuing to evaluate individual projects in an effort to restart or transfer work on some sites as soon as possible, subject to contractual arrangements and our statutory obligations as Receivers,” said Mr McCloy.