Richina Pacific In Provisional Liquidation

December 5, 2013

Bermuda-based Richina Pacific — the parent company of failed New Zealand construction firm Mainzeal Property & Construction — is in provisional liquidation, and has handed over its financial statements to the Companies Registrar for the financial years leading up to its demise, NBR reports.

“The registrar was looking into the financial reporting obligations the Mainzeal and Richina group of companies, which were murky due to various amalgamations and restructures leading up to its ultimate collapse on earlier this year,” the report said.

“The registrar decided the only entity in the group obliged to file financial statements was Richina Pacific, which arose because the company was an issuer. It was initially registered as a local company, but later relocated to Bermuda.”

“RPL was removed from the overseas companies register in 2009, but has provided the registrar with financial statements for the 2009, 2010 and 2011 financial years,” a spokesman for the registrar told NBR. “RPL is now in provisional liquidation in Bermuda.”

The liquidators represent unsecured creditors owed some $106.3 million, whereas the receivers were appointed by Bank of New Zealand, which was owed $11.3 million, the bulk of which was over the Mainzeal headquarters building in New Zeland. Preferential creditors, including staff entitlements and outstanding tax, were owed about $5.3 million, according to the latest receiver’s report.

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