Mainzeal directors remain liable, payout overturned

Former Mainzeal director Jenny Shipley at an event at the end of 2020.

Wed, 31 Mar 2021

The court of appeal has ruled former Mainzeal directors including Richard Yan and former prime minister Jenny Shipley were liable for reckless trading ahead of the construction company's collapse. However, the judges say there was no actual loss as a result of this breach, so creditors will not be compensated for that.Instead, on appeal, the judges found a breach of another section of the Companies Act relating to directors’ obligations and said the high court must now work out how much should be paid for that. In Febru...

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