The fallout from Mainzeal: what directors have to do

The fallout from Mainzeal: what directors have to do
Directors are elected or appointed to manage a company’s business and affairs. (Image: Getty)
Georgina Toomey
The role of directors in helping steer businesses has been in the spotlight this month, after the supreme court ordered the directors of Mainzeal to pay $39.8 million, plus interest, for letting the construction firm keep trading while insolvent and while owing $110m to unsecured creditors.It's a scenario that sends a chill down the spines of directors, who could face personal liability or bankruptcy.Company directors have many legal duties they owe their company, all the way from simply acting in good faith, to not engaging in reckless tra...

More Law & Regulation

FMA issues warning to coconut oil company
Law & Regulation

FMA issues warning to coconut oil company

The Financial Markets Authority has issued a warning to Evco Pacific for failing to meet disclosure requirements under the Financial Markets Conduct Act. The warning extends to Evco's current director, Neville Montefiore, and former directors Roger MacDonald and Christopher N...

Staff reporters 13 Mar 2025
IMF cautions Govt against pushing back too hard against RBNZ
Law & Regulation

IMF cautions Govt against pushing back too hard against RBNZ

The International Monetary Fund (IMF) is cautioning the Government against bending over backwards and deregulating banks in a bid to spur more competition in the sector.Finance Minister Nicola Willis is getting advice on whether she should make the Reserve Bank of New Zealand (RB...

Gap between NZ and Aus bank interest margin grows
Economy

Gap between NZ and Aus bank interest margin grows

In New Zealand, 2024 net interest margins were flat at 2.34%.

Gregor Thompson 12 Mar 2025
Fresh child abuse charges for disgraced NZ businessman Ron Brierley
Law & Regulation

Fresh child abuse charges for disgraced NZ businessman Ron Brierley

New Zealand businessman Ron Brierley is facing three fresh charges of possessing child abuse material after an appearance in court in Australia on Tuesday.Aged 87, Brierley appeared in the Waverley Local Court in Sydney following his arrest by police on Tuesday morning.The multi-...

Staff reporters 11 Mar 2025