{"id":321914,"date":"2026-03-10T05:46:09","date_gmt":"2026-03-10T05:46:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/321914\/"},"modified":"2026-03-10T05:46:09","modified_gmt":"2026-03-10T05:46:09","slug":"max-key-considers-tell-all-after-teak-construction-collapse","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/321914\/","title":{"rendered":"Max Key considers \u2018tell all\u2019 after Teak Construction collapse"},"content":{"rendered":"

\"ShareholdersShareholders appointed liquidators to Auckland’s Teak Construction on March 2. Photo \/ Teak Construction<\/p>\n

Key said his residential construction business Key Companies is owed \u201cwell into\u201d the range of \u201csix figures\u201d.<\/p>\n

Last week Raine Selles, a construction law expert for Concordia Resolution, said Teak\u2019s conduct was disappointing.<\/p>\n

\u201cTeak has put itself in liquidation after fighting subcontractors for months in court and adjudications over … withholding of retentions and other sums due.<\/p>\n

\u201cLet\u2019s see if those retentions are actually held in trust as they have constantly advanced by themselves and their lawyers.\u201d<\/p>\n

Operating for 34 years, Teak claimed to have \u201cbuilt a solid reputation for consistently high-quality construction\u201d on their website. <\/p>\n

\u201cWe are New Zealand-owned and -operated and have deep foundations in fairness, transparency and reliability.<\/p>\n

\u201cWe\u2019ve cut the ribbon on more than 500 successful builds, from commercial projects, to government, remedial and residential works.\u201d<\/p>\n

\"VictopiaVictopia Apartments is one of the projects Teak Construction Group was working on before the liquidation. Photo \/ Dean Purcell<\/p>\n

PFK Corporate Recovery\u2019s Steve Lawrence and Chris McCullagh have been appointed by shareholders<\/a> to handle the liquidation.<\/p>\n

Several prominent businesses in the construction sector have securities<\/a> with Teak, including Placemakers, Carters, Mico and Hilti New Zealand.<\/p>\n

It is unclear if MTK Capital had acquired security in relation to the insolvent builders, with unsecured creditors expected to face an uphill battle reclaiming their debts.<\/p>\n

Working across residential, interiors and painting, the company has been involved in more than 20 projects since it was founded in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"Shareholders appointed liquidators to Auckland’s Teak Construction on March 2. Photo \/ Teak Construction Key said his residential…\n","protected":false},"author":2,"featured_media":321915,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[74,5263,138,17400,1656,18205,1568,128551,30271,169638,4277,661,33813,111,139,69,26692,4739,9879,2215,168534,18323,1361,25448],"class_list":["post-321914","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-after","tag-all","tag-business","tag-collapse","tag-company","tag-considers","tag-construction","tag-expose","tag-figures","tag-folded","tag-key","tag-major","tag-max","tag-new-zealand","tag-newzealand","tag-nz","tag-owing","tag-six","tag-somewhere","tag-suggested","tag-teak","tag-tell","tag-that","tag-upper"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/321914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=321914"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/321914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/321915"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=321914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=321914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=321914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}