The door opened by Mainzeal ruling

Former Mainzeal director Jenny Shipley. (Image: The Office of the Governor General)

Thu, 31 Aug 2023

While providing clarity for directors’ duties for the Companies Act provisions in play at Mainzeal, one legal expert points out a door may have opened for bigger awards under other reckless trading rules.Mainzeal’s liquidators had used sections 135 and 136 to sue the construction company’s former directors, and the supreme court awarded almost $40m against Richard Yan, Jenny Shipley, Clive Tilby and Peter Gomm, plus interest.The top court mostly cemented the lower courts' findings and decided the amount the directors neede...

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