Four Mainzeal directors, including former prime minister Dame Jenny Shipley, have been found liable for $36 million of damages over the collapse of the once-proud construction company. Shipley, prime minister from 1997 to 1999, is liable for a maximum of $6m, High Court Justice Francis Cooke ruled in Auckland. Mainzeal was put into liquidation in 2013, owing creditors, including many smaller New Zealand building companies, over $110m, but the judge found the company had been trading while insolvent, and creditors would have been better off had Mainzeal been put into liquidation earlier. I really cannot fathom what happened here," she said. KEVIN STENT/STUFF Directors including Dame Jenny Shipley have been ordered to pay $36 million compensation.

Source: Stuff February 26, 2019 03:45 UTC