The Supreme Court has ruled that the former Mainzeal directors are liable to pay $39.8million plus interest and costs as compensation after the collapse of the company a decade ago.
The directors’ cross-appeal was dismissed as the Supreme Court found that they were aware of the company’s precarious position.
Former Prime Minister Jenny Shipley was one of Mainzeal’s directors and has been ordered to pay up to $6.6million.
DLA Piper Litigation and Regulatory Partner Alicia Murray told Heather du Plessis-Allan that this brings directors’ duties into focus.
She said that it shows what they should do if they company is looking unstable.
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