Receivers for the construction company, Mainzeal Property and Construction Ltd, met on Wednesday night to discuss options for the company's future.
PWC (formerly PricewaterhouseCoopers) has been appointed as receivers as a result of a request by its director, Richard Yan, to the Bank of New Zealand.
Mr Yan says the receivership follows a series of events that have hit the company's finances, as well as a decline in major commercial construction activity.
He says in the absence of futher support from its shareholder, Richina Pacific, the company can no longer continue trading.
Mainzeal employs more than 400 staff and has been in business for more than 40 years.
