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Receivers called in to Geon Group

Hundreds of jobs are at risk after printer Geon Group went into receivership with voluntary administrators appointed to the trans-Tasman company’s New Zealand operations. BusinessDay understands the more than 1000 staff in New Zealand and Australia have not yet been told whether the company will keep operating. PPB Advisory have …

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Mainzeal ‘large and complex’ receivership

The receivers of collapsed Mainzeal Property and Construction have nearly completed their initial assessment of the company’s projects, warning it is a complicated case. PWC partners Colin McCloy and David Bridgman said it was a “large and complex receivership with many different stakeholders” and wanted to assure people PwC was …

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Receiver moves in on Hogs Breath cafe owner

The owner of failed Wellington restaurant The Hogs Breath Cafe bought himself a BMW with company money, then traded it in for an Audi when liquidators began knocking on his door. Simon Mark Baker began running the Courtenay Place restaurant in 2006 until it was placed into liquidation in June …

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Mainzeal collapse creates aftershocks

The ripples from the collapse of Richard Yan’s MAINZEAL PROPERTY AND CONSTRUCTION LIMITED are spreading, with the company that owns Mainzeal’s head office building being tipped into receivership, related company KING FACADE LIMITED going into voluntary liquidation and rumours that a major property asset on Waiheke Island has been sold. …

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Palmerston North RSA in debt to tune of $2m

The full extent of Palmerston North RSA’s troubles have been revealed, with receivers saying the crippled club is in a financial hole more than $2 million deep. Despite facing a mountain of debt, the club’s president says he believes everyone owed money following its collapse late last year will be …

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Failed shipping group owes $31m

Collapsed Pacific shipping business Reef Group, whose shareholders include All Black great Michael Jones, owes $31 million and unsecured creditors look likely to suffer losses. The Reef Group, comprising 37 companies in New Zealand, Samoa and the Cook Islands, had receivers appointed by ANZ Bank on November 26. The first …

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$50m-$100m Mainzeal loss tipped

An out-of-pocket Mainzeal Property and Construction subcontractor estimates the builder could record $50 million to $100 million of losses and says a group class action to get money back could be worthwhile – but only if it stands a good chance of success. Phil McConchie, co-owner of scaffolding and propping …

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Trentham Mall on the market

Trentham City Investments, the company which owns The Mall shopping centre, has gone into receivership. The move came into force on March 1 and sees Wellington’s Grant Thornton New Zealand acting as receivers and managers of all the undertakings, property and assets of the Upper Hutt-listed company. Read the full …

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