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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 ofevents 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".
Mainzeal was founded in 1968 and employs more than 400 people.
It is the country's third largest construction company, behind Fletcher Construction and Hawkins Construction, and has built some of the country's largest structures, including Auckland's Vector Arena. It is also heavily involved in several major rebuilding projects around Christchurch.
