BDO appointed joint administrators for Arrow International (NZ) Limited
28 February 2019
BDO partners Andrew Bethell, Andrew McKay and Colin Gower have been appointed joint administrators for Arrow International (NZ) Limited; Arrow International Group Limited; and Construction Labour and Resources Limited.
The purpose of the Voluntary Administration is to actively engage with Principals, staff and other stakeholders to achieve a result which provides a better outcome for creditors than other formal processes. Construction sites will be closed temporarily while the Administrators assess the position and engage with project Principals to seek a solution that benefits principals, staff, subcontractors and other creditors.
Arrow currently employs approximately 250 staff on projects around New Zealand and the Administrators will be meeting with staff as a priority.
Arrangements will be put in place should subcontractors wish to remove personal items from sites. The Administrators have been advised that retention funds have been set aside in trust as required under the Construction Contracts Amendment Act 2015.
The Administrators will hold a meeting with creditors within eight working days in Auckland, Wellington and Christchurch. Creditors will be advised directly of these meetings, through public notices and on BDO’s website.
The Administrators will focus on their engagement with affected stakeholders and do not intend to make further comment until after the above creditor meetings.
The Administrators’ address is:
Arrow Group of Companies
P O Box 2219