Kiwibank appoints receivers to Stanley Group

Kevin Stanley, Stanley Group MD. Photo / File

Kiwibank has appointed receivers to Stanley Group, the construction firm moved into liquidation last week.

Matamata-based Stanley Group was voted into liquidation by shareholders on September 5 and about 120 staff laid off, with early estimates of $5-10 million owing to creditors.

Stanley Group's directors are Craig Davison, Robert Marshall and Kevin Stanley. The group company was moved into liquidation along with several other entities including Tallwood Holdings, a prefabrication unit.

Stanley had been working on several Housing NZ and private developments. It's website also boasted work on Chateau Tongariro, Ocean Shores Retirement Village, Delegat's head office and work for Cooper and Co.

On Friday, Kiwibank moved to appoint receivers Jared Booth and Tony Maginness from Baker Tilley Staples Rodway.

As well as becoming receivers for six of the companies already in liquidation, the duo are also appointed as receivers for Stanco1 and Stanley Interiors, which are not in liquidation but are linked to Stanley Group.

According to the Companies Office, Kiwibank has a general security agreement from February 2011. Booth would not say how much money was owed to the bank.

"We are onsite and dealing with the liquidator among other matters," Booth told BusinessDesk.

Receivership rules mean Booth and Maginness will do what they can to retrieve as much money as possible for Kiwibank as a secured creditor, while as liquidator Damien Grant's job is to get as much as he can for the others. Grant's first report is due later this week.

Other creditors with registered securities include Window Treatments NZ, Mattson Joinery, Nulook Creations, Fletcher subsidiary Firth Industries, Asmuss Steel, Waikato Steel Fabricators and Allied Concrete.