Mainzeal decision opens insurance payout can of worms

Tue, 05 Mar 2019

By Nikki Mandow March 5 (BusinessDesk) - The Mainzeal court decision has opened a can of worms for Mainzeal directors and their insurers as they work out who gets up to $23 million of liability insurance payouts to cover $36 million of court-ordered payments. Last week Justice Francis Cooke ruled that four directors of the failed construction company, including former Prime Minister Jenny Shipley, should pay $36 million to unsecured creditors. The Mainzeal directors had traded recklessly, Justice Cooke said, particularly by allowing th...

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