What happened to Mainzeal?
In 2012, Mainzeal collapsed. On liquidation, Mainzeal owed significant debts to the sum of over $110 million to sub-contractors, construction contract claimants, employees, and other general creditors.
Who founded Mainzeal?
At that time Yan spent time staying with the family of Peter Menzies, one of the founders of Mainzeal and worked for Mainzeal during his school holidays, including sweeping the floor at the St James Theatre. But Yan knew the big opportunities were in China.
When did Mainzeal collapse?
Mainzeal Property and Construction Ltd was one of the leading New Zealand property and construction companies until being placed into receivership on 6 February 2013 and then being placed into liquidation on 28 February 2013.
When did mainzeal go into liquidation?
28 February 2013
Mainzeal Property and Construction Ltd was one of the leading New Zealand property and construction companies until being placed into receivership on 6 February 2013 and then being placed into liquidation on 28 February 2013.
When did mainzeal go under?
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What ever happened to Mainzeal?
Mainzeal was a basket case for years. it should have dropped like a plumb line years before 2013. But few people knew the full extent of its problems, at least not until issues were laid bare on Tuesday this week. That was when Justice Francis Cooke’s 178-page High Court decision was released.
What went wrong with Mainzeal’s supply chain?
Ernst & Young had warned Mainzeal of the risks inherent in a Chinese supply chain and Justice Cooke said EY was proved right. “These risks came to fruition as the supply of building materials from King Façade became a very significant problem, causing significant losses to Mainzeal
How did Mainzeal get out of debt?
Something needed to be done, and in 2011, Mainzeal and its related companies agreed to convert the debts owed to Mainzeal into a “pre-paid goods agreement” under which related companies in China would supply building supplies to Mainzeal without being paid, gradually reducing the amount Mainzeal was owed.
Is Mainzeal at risk of failure?
There may have been no substantial risk of failure if the company’s trading performance was particularly good and dependable. However, Mainzeal’s financial trading performance was unpredictable, generally poor and prone to significant one-off loses, which meant it had to rely on a strong capital base or equivalent backing to avoid collapse.