The administration of Hawkins Construction is approaching its final stage, with liquidators confirming that unsecured creditors will receive a final payout of 4 cents in the dollar.
The former construction giant, which collapsed in 2019, has left a trail of unpaid invoices and legal disputes across the New Zealand building sector.
Unsecured creditors, who are owed a total of NZD 122 million, have so far received only NZD 4.
Unsecured creditors, who are owed a total of NZD 122 million, have so far received only NZD 4.8 million in payments throughout the lengthy liquidation process.
The remaining balance will be written off as the company's assets are fully distributed.
The low recovery rate underscores the severe financial distress that characterized the firm's final years and the limited recourse available to suppliers and subcontractors in such insolvencies.
Hawkins Construction was once one of New Zealand's largest builders, involved in major infrastructure and commercial projects including work at the University of Canterbury.