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Friday
Sep062019

Creditors Finally Lose Patience With Stanley

As if Mr Parker did not not have enough on his plate dealing with the fallout of sea-level rise, and the questionable placement of his new multi-story Richmond development, his main contractor - Stanley Construction of Matamata, have finally 'had the plug pulled' along with all its associated companies in what was a predictable liquidation. 

Richmond first stage apartments remain unfinished as Stanley appeared to have pulled out all its assets a couple of weeks ago, and the liquidators will no doubt be searching for same in order to satisfy at least a tinyl proportion iof the creditors. The last time they 'went through' several years ago, they ended up with an 'arrangement' that returned them 13.03 cents in the dollar.They missed liquidation by the skin of their teeth on that occasion.

It could just as easily have been our Council that was left in this position since Stanley was awarded the 'dry-court' contract in Thames, and struggled through a massive roof repair job following 'completion.' Our Council appeared at the time totally unaware of the hazard involved with dealing with this company - both staff and members of the Audit Committee, some of whom are still around,  displayed consumate ignorance of their 'due diligence' responsibilities at the time. See my post on the subject, and  other relevant posts available here through the Search facility - simply  enter "Stanley"!

Why construction firms with this reputation can continue to operate beggars belief, and once again, the liquidators are left with a maze of associated companies to deal with, anb 'subbies' will be left, as usual, to 'carry the can.'

It will be interesting to see the  level of 'fall-out' at the huge Tamaki development in Panmure / G;en Innis with which Stanley is apparently quite deeply involved. Things have by all accounts gone strangely quiet on that front of late. 

 

 

 

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