The receivers of Mainzeal Property and Construction say about half of the failed firm's staff have been made redundant in an urgent effort to reduce the company's operating costs.
Receivers PwC say that with suspension of work on all Mainzeal sites it had become necessary to review staffing levels and the redundancies had been made as a result of that review.
An exact number of job losses has not been released but PwC receiver Colin McCloy told BusinessDesk that about 200 staff have been made redundant to stem operating cash flows as they move as quickly as possible to a rescue package for the firm.
Mainzeal employed about 400 staff in New Zealand.
Mr McCloy confirmed that the receivers were in talks with parties interested in buying Mainzeal or its assets.