25 Aug 2023

Former PM Shipley and Mainzeal directors ordered to pay up

From Checkpoint, 5:07 pm on 25 August 2023

Subcontractors still owed big chunks of money from construction firm Mainzeal's collapse a decade ago say they'll get a pittance back and do not believe justice has been served.

Former Prime Minister Dame Jenny Shipley and her fellow directors of Mainzeal have lost their Supreme Court appeal and must now pay $40 million plus interest for reckless trading.

The directors breached the Companies Act when they knew the firm was insolvent but continued to trade, leaving creditors and subcontractors $110 million out of pocket.

Amy Williams reports.

Andrew McKay is a forensic accounting specialist with Mainzeal liquidator's BDO, who brought the claims against the company's directors, he spoke to Lisa Owen.