In its landmark decision in the Mainzeal case, the Supreme Court has ruled that the Mainzeal directors breached their duties as directors. The Court found that, as a result, the directors were liable for losses incurred by creditors following the company’s collapse.
The decision is significant for all New Zealand directors and their insurers, as well as for receivers, liquidators and creditors.
We address the key points of the decision in a three-part series.
- In part one, we set out a brief summary of the Supreme Court’s ruling.
Supreme Court releases Mainzeal decision on directors’ duties - 25 August 2023 - In part two, we look at how the Supreme Court has interpreted the duties owed by directors
Supreme Court’s Mainzeal decision: legislative reform is needed - 30 August 2023 - And in the part three, we set out practical guidance for directors as they look to ahead post-Mainzeal.
Supreme Court’s Mainzeal decision: guidance for directors - 1 September 2023
