CORRECT Mainzeal receivers recoup $28.3 mln from asset sales, recoveries, distribute $3.6M to liquidators

Tue, 08 Apr 2014

(Corrects total recovered by Bank of New Zealand in third paragraph) April 8 (BusinessDesk) – Receivers for Mainzeal Property & Construction and Mainzeal Living recovered some $28.3 million from asset sales and recoveries in their first 12 months and made payments of $26.5 million, including settling outstanding wages and distributing surplus funds to the liquidators. Bank of New Zealand, which was owed $11.3 million as secured creditor of the Mainzeal companies, appointed PwC’s David Bridgman and Colin McCloy as receivers on Feb. 6, 2013. Li...

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