Failed construction firm’s debts at more than $9m

Accent on Construction, which went into receivership with the loss of 40 jobs in November, has now been placed in liquidation.

Liquidators Jared Booth and Tony Maginness of Rodway Staples have filed their first report on how the receivership is disputed by the West Auckland company’s shareholder and funder, and the sole director Ian Fistonich.

The liquidators said they sent a letter to receiver Damien Grant advising they want to take over the job of recovering any money, but haven’t heard back.

Seven of Fistonich’s other related companies were also placed in receivership.

The debts owed by the companies come to more than $9 million.

Secured lenders are owed more than $4m, unsecured trades suppliers about $3.8m, and preferential creditors $1.7m, including employees owed $136,409. There are more than 150 unsecured suppliers ranging from stationery shops to concrete suppliers and a raft of tradespeople

The liquidators’ report said receiver Grant was appointed by Premier Legal Finance which is controlled by Graeme Halse, who was also the company’s solicitor, trustee of the main shareholder, and solicitor to Fistonich.

The liquidators said that although Premier Legal Finance was owed most among the secured creditors at $3.1m, other secured creditors rank higher – including ASB owed $840,000, and Finance Now owed $141,416.

The liquidators obtained legal advice on the receivership but won’t make it public because it may be ‘‘prejudicial’’.

They have yet to identify the value of any assets within the companies.

Most of the projects carried out by the Fistonich companies have been residential developments and schools in the Auckland area.