Stonewood Homes Ltd and its associated companies were placed into liquidation in the High Court at Christchurch in February 2016 with millions of dollars owing to creditors. The company’s liquidators, Rhys Cain and Rees Logan, took Mr Boult and Stonewood founder and director Brent Mettrick to court alleging they continued trading while the companies were insolvent. Part of the legal proceedings were also to recover alleged ‘‘excessive remuneration’’ paid to Mr Boult. The company’s latest six-monthly liquidator’s report released on Friday said the proceedings were settled and withdrawn after the payment of $3.5 million with no admission of liability by the defendants. When contacted, Mr Boult declined to comment, citing a confidentiality agreement.

Source: Otago Daily Times November 23, 2021 02:45 UTC