Mainzeal directors saddled with $39.8m penalty plus interest

Mainzeal directors saddled with $39.8m penalty plus interest
Jenny Shipley. (Image: NZME)
Paul McBeth
The supreme court has ordered the directors of Mainzeal to pay $39.8 million plus interest for letting the construction firm keep trading while insolvent while owing $110m to unsecured creditors, sheeting much of the blame on principal Richard Yan.About 17 months after the country’s highest court heard the appeal and more than a decade since Mainzeal’s collapse, Chief Justice Helen Winkelmann and Justice William Young delivered the 142-page judgment rejecting the appeal by directors Jenny Shipley, Clive Tilby, Peter Gomm and Yan.The...

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