Law & Regulation

Mainzeal directors remain liable, payout overturned

Victoria Young
Wed, 31 Mar 2021

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

Victoria Young
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...

Try free for 10 days

Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life.

Instant News Alerts based on keywords you choose or journalists you follow
Our Daily Digest of all stories at 6am, midday or 6pm
A custom library of your saved stories
An industry-leading search engine
Try for 10 days without paying and if you’re not convinced cancel with just two clicks.

Support quality New Zealand journalism by subscribing today.

Find out more

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Property

Pet food millionaire snaffles Taupō racetrack

Pattrick Smellie | Sat, 17 Apr 2021

Tony Quinn is adding Taupō's Bruce McLean Park to the motorsport facilities he already owns at Hampton Downs and Highlands.

Markets Exclusive

Market regulator blasts Australian 'culture of leaks'

Dan Brunskill | Sat, 17 Apr 2021

Leaks are threatening market integrity and should not be tolerated, NZ RegCo says.

Opinion

The traditional office is dying a slow, painful death

Jehan Casinader | Sat, 17 Apr 2021

The modern workplace has been through various iterations in recent decades, but no one questioned why it existed in the first place.

Partner Content

Highlights from the New Zealand company earnings season

The February earnings season has provided a snapshot of the impact covid-19 has had on different sectors over the last six months and expectations for the year ahead.

Mainzeal directors remain liable, payout overturned

Not convinced yet?

Your company has a subscription

Team