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Mainzeal Property and Construction - one of New Zealand's largest construction companies - has gone into receivership.
In a statement issued this afternoon, Mainzeal director Richard Yan said the company could no longer continue trading due to a "series of events that had adversely affected the company's financial position", combined with a general decline in commercial construction activity and lack of shareholder support.
PwC partners Colin McCloy and David Bridgman have been appointed as receivers.
Mr McCloy said the receivers were "committed to doing the best we can for suppliers, staff and subcontractors".
