PHOTO: DAVID WHITE/STUFF Receivers said it was “unlikely” there would be any surplus funds available from the recoveries for subbies.
Newly discovered defects in construction company Ebert’s stalled projects are a blow to its creditors’ chances of getting paid.
When receivers were appointed in July last year, Ebert had 15 active sites across the country including the Union Green project in Auckland, now being completed by Dominion Constructors. It employed about 100 staff.
A six-monthly receivers report from PwC’s John Fisk, Lara Bennett and Richard Longman showed Ebert had about $30 million in assets based on its book value.
But due to outstanding debts and liabilities of at least $45.6m, receivers said it was “unlikely” there would be any surplus funds available from the recoveries for unsecured creditors.
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