Decmil Construction Limited (In liquidation)
This video is an update to the creditors of Decmil Construction Limited (In liquidation). Some of you will have watched the information session from the Decmil liquidator yesterday.
There was some remarkable information revealed. The main one is that he has spent $750,000 in legal fees and the liquidation funds has shrunk from $3.2m to $2.5m. Under New Zealand law a construction company must hold retention money in trust. It seems probable that Decmil did this by holding the cash in an Australian bank account under the control of Decmil Australia. Immediately prior to appointing Mr McVeigh, Decmil Australia transferred the $3.2m to the New Zealand company, possibly to honour their obligations under New Zealand law. If you have not given anyone a proxy it is too late to do so. You must vote, and we recommend voting to remove Mr McVeigh.