Mainzeal directors’ delay cost creditors up to $75M, court hears

By Nikki Mandow Oct. 9 (BusinessDesk) - Property company Mainzeal was likely insolvent for most of the eight years before it collapsed in February 2013 owing more than $157 million to subcontractors and other creditors, Staples Rodway director Bill Apps says. Giving evidence in the High Court case against members of the Mainzeal board, including former Prime Minister Jenny Shipley and former Brierley Investments boss Paul Collins, Apps said he believed the directors breached their obligations somewhere between January 2011 and July 2011 -...