Long list of Stanley Group creditors

The first receivers’ report on the failed construction business Stanley Group and its many associated entities shows Kiwibank owed almost $500,000, and a long list of creditors is now out.

Tony Maginness and Jared Booth of Baker Tilly Staples Rodway said Kiwibank’s exposure was $482,477 although interest and costs continued to accrue on balances owed.

Kiwibank’s exposure included $1.8m provided to the Bank of New Zealand and Housing New Zealand for performance bonds, less deposits of $1.2m held with Kiwibank.

In September, Stanley and Tallwood Holdings’ liquidator Damien Grant estimated there would be a $16 million shortfall from Stanley Group’s failure.

His first report said the company came unstuck when trying to expand out of Waikato and into Auckland. It also signals that directors may have breached the retentions scheme designed to protect subcontractors’ money.

The first receivers’ report says Stanley and its subsidiaries provided residential and construction commercial services primarily in Auckland and Waikato.

Kiwibank put the businesses into receivership on September 6 after defaults on securities, Maginness and Booth said.

Other than Kiwibank, Fletcher Building is owed $27,409, shareholders and related parties $2.4m and PFNZ $100,189, the report said.

A schedule of creditors with an interest in the receivership listed Fisher & Paykel Appliances, Rapid Labels, Carters Building Supplies, Fuji Xerox Finance and UDC Finance.

Stanley was working on Housing NZ Corporation jobs when it failed and the state-owned entity appears on a new list with a security interest in the many Stanley entities in receivership.

Taylor Roofing 2004, Window Treatments, Timpak, Carpet Court, Cambridge Timber and Hardware and Portacom are among the others on that list.

The receivers said they believed the receiverships might be completed within the next six months.