A firm which moved to Bermuda five years ago has gone into provisional liquidation owing more than $120 million.

Richina Pacific Ltd (RPL), the parent of failed New Zealand construction firm Mainzeal Property & Construction, delisted from the New Zealand stock exchange and shifted its domicile to the island in 2008.

A statement from the New Zealand Companies Registrar said: “RPL was removed from the overseas companies register in 2009, but has provided the registrar with financial statements for the 2009, 2010 and 2011 financial years. RPL is now in provisional liquidation in Bermuda.”

The official receivers of Mainzeal, PwC, said they expected to have surplus funds for the liquidator of the Mainzeal group and have said they will hand over to the liquidators once preferential claims, including employee pay and other New Zealand statutory obligations are met.

The liquidators, New Zealand firm BDO, represent unsecured creditors owed more than $106 million. The receivers were appointed by the Bank of New Zealand, which was owed $11.3 million, most of which involved the Mainzeal headquarters in Auckland, New Zealand.

Preferential creditors, including staff entitlements and tax, were owed about $5.3 million.

The receivers are also working with the liquidators in pursuing around $46 million in related party debt, which stemmed from major restructures in the two years leading up to the group’s collapse.