No joy for Stonewood creditors in $3.5m settlement

Former directors Jim Boult (pictured) and Brent Mettrick didn't admit liability in making the deal. (Image: supplied)

Wed, 24 Nov 2021

Dozens of suppliers and subcontractors owed millions by the old Stonewood Homes will get some vindication – if not compensation – from the $3.5 million extracted from the building company’s former directors.Queenstown Lakes mayor Jim Boult and Stonewood founder Brent Mettrick cut the deal with liquidator Rhys Cain of EY earlier this year, ending his pursuit of $25.5m in damages over claims they breached their director duties.Cain noted the settlement in his October report on related company Holmfirth Group and provided more de...

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