Mainzeal’s Yan loses bid to halt bankruptcy proceedings

By Victoria Young | Wed, 27 Nov 2019


A High Court judge has rejected Richard Yan’s attempt to fend off bankruptcy proceedings brought by the liquidators of Mainzeal.  In February, Justice Francis Cooke ruled Yan and three other former directors should pay $36 million for breaching their duties before the construction company collapsed in 2013.  Insurer QBE has put $18 million in trust for the other directors Jenny Shipley, Peter Gomm and Clive Tilby while they appeal but the High Court at Auckland today heard Yan’s position in regard to insurance was “on hold.” The liquid...