Mainzeal was one of the largest construction companies in New Zealand when it was put into receivership in 2012, liquidation followed shortly afterwards. Fast-forward five years and the receivership stage process has just been completed with the Receivers retiring on 15 May 2017.
The completion of the Receivership means that the secured creditors (bank) and preferred creditors (IRD, employees) have been paid amounts owing and the remaining assets have been transferred to the liquidators. The liquidators’ job is to realise any remaining assets and distribute these amongst the unsecured creditors.
Liquidation – unsecured creditors
At the completion of the Receivership $6m was transferred to the liquidators. This may seem like a significant sum although when this amount is compared this against the $157m of unsecured creditor claims the distribution to unsecured creditors is not looking promising.
The liquidators have indicated that any distribution to unsecured creditors will largely be dependent…
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