Mainzeal Group's receivers have slashed the number of full-time workers to just 14 from 500 as they focus on quantifying liabilities at the failed construction firm, according to their first report.
The group owes $11.3 million to its only first ranking secured creditor, Bank of New Zealand, the report from Colin McCloy and David Bridgman of PwC. In addition there are 114 specific security financing statements (PMSIs) for the supply of goods and services, including seven from BNZ, which are still being assessed.
Unsecured trade creditors are the biggest by value at $70 million, made up of $51.7 million in accounts payable and $18.3 million in retentions held. That doesn't include payments and invoices for January and February.
Of preferential creditors, employees are owed $5.2 million and the Inland Revenue Department is likely owed $600,000, according to company records. The receivers also identify contingent liabilities including $33.5 million in contractor bonds. How much of the bonds may be called isn't known yet, the receivers say.
The receivers have kept on nine construction management staff to assist in completing projects and recover receivables, three finance and admin workers and two asset management workers. Other former employees have been hired on a casual basis.
