Stanley Group receivers' report shows long list of creditors

Kevin Stanley of Stanley Group. Photo / file

The first receivers' report of the failed construction business Stanley Group and its many associated entities shows Kiwibank owed more than $400,000 but a long list of creditors is now out.

Tony Maginness and Jared Booth of Baker Tilly Staples Rodway said Kiwibank's exposure was $482,477 although interest and costs continued to accrue on outstanding balances owed.

Kiwibank's exposure included $1.8m provided to the Bank of New Zealand and Housing New Zealand for performance bonds, less deposits of $1.2m held with Kiwibank.

In September, Stanley and Tallwood Holdings' liquidator Damien Grant estimated a $16 million shortfall from the construction group's failure.

His first report said the company came unstuck when trying to expand out of Waikato and into Auckland. It also signals that directors may have breached the retentions scheme designed to protect subcontractors' money.

In the last day, the first receivers' report has been issued saying Stanley and its subsidiaries provided residential and construction commercial services primarily in Auckland and Waikato.

Kiwibank put the businesses into receivership on September 6 after defaults on securities, Maginness and Booth said.

Other than Kiwibank, Fletcher Building is owed $27,409, shareholders and related parties $2.4m and PFNZ $100,189, the report said.

A schedule of creditors with an interest in the receivership listed Fisher & Paykel Appliances, Rapid Labels, Carters Building Supplies, Fuji Xerox Finance and UDC Finance.

Stanley was working on Housing NZ Corporation jobs when it failed and the state-owned entity appears on a new list with a security interest in the many Stanley entities in receivership.

Taylor Roofing 2004, Window Treatments, Timpak, Carpet Court, Cambridge Timber and Hardware and Portacom are others on that list.

Also listed is Fletcher Concrete and Infrastructure, Allied Concrete, Waikato Steel Fabricators, Fletcher Steel, Fletcher Distribution trading as PlaceMakers Mt Maunganui, Steel and Tube Holdings, PlaceMakers Thames/Whitianga and Royal Wolf New Zealand.

The receivers said they believed the receiverships might be completed within the next six months.