Mainzeal ruling 'the stuff of nightmares for directors' - court told

Mon, 27 Jul 2020

The lawyer for former Prime Minister Jenny Shipley said a High Court decision finding her and three other former Mainzeal directors liable for reckless trading was “flawed,” and procedurally unfair. Shipley’s lawyer Jack Hodder, QC, told the Court of Appeal that the Mainzeal ruling discourages rational individuals from becoming directors and should be overturned. In February 2019, Justice Francis Cooke ruled that Shipley, Peter Gomm and Clive Tilby, along with Richard Yan, should pay $36 million for breaching directors’ duties ahead of...

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