Christchurch based Stonewood Homes New Zealand Limited is in receivership.
Grant Graham and Neale Jackson of KordaMentha have been appointed as receivers to Stonewood Homes New Zealand Limited, and sister companies Stonewood Homes Limited and Sterling Homes Limited.
Stonewood Homes New Zealand Limited is the master franchisor in Christchurch for the Stonewood Homes network.
The receivers stress that the receiverships do not affect any of the other independently owned Stonewood franchises operating throughout New Zealand.
"Having just been appointed, we are working as quickly as possible to establish the companies' financial position and a path forward for the receivership. We will communicate with all affected parties as we work through this process," Mr Graham says.
Chief executive of Registered Master Builders Assocaition David Kelly says they are keen to work with the receivers in the fallout.
KordaMentha has been appointed receivers to the company, and sister companies Stonewood Homes Limited and Sterling Homes Limited.
Independently owned Stonewood franchises are not affected.
Stonewood Homes began in Christchurch in 1897 with Brent Mettrick at the helm. The franchise has built over 6000 new homes.
"It's obviously very unfortunate that Stonewood Homes has gone into receivership. The good thing in this case is that all of the homeowners have taken our Master Build guarantee," he says.
"What that means in this case is that we then help them to get their houses fixed."
He says the company has a strong presence in Christchurch and no home owners will be left in the lurch.
"The key message for home owners is don't do anything that might jeopardise your guarantee, don't enter into other contracts because the existing contract remains in force with the receiver and don't be tempted to pay anyone directly."
Mr Kelly says there will be delays.
Master Build was in the process of contacting the Christchurch home owners today.
He says he was aware Stonewood Homes was restructuring their finances but only in the last few days had learned they were struggling.
"It's always a bit of surprise," he says.
"We have plans in place anyway from our point of view for this sort of thing to happen," he says.
Mr Kelly says he was comfortable Master Build had things covered.
They have set up number for any home owners who have questions on 0800 10 16 25.
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