Peter Gomm News Today

Liquidators of collapsed Auckland-based construction company Mainzeal are pursuing Shanghai businessman Richard Yan for over US$60 million that he owes to the company’s creditors, in a case that has implications for Chinese developers operating in New Zealand.

The National Business Review Online is New Zealand's authority in breaking business news and analysis.

OPINION: Litigation funder Phil Newland's view on the Mainzeal case.

Jenny Shipley, New Zealand’s prime minister between 1997 and 1999, has been ordered to pay US$3.9m after the collapse of the Mainzeal construction company, for which she was a director.

New Zealand’s top court has ruled former Mainzeal directors, including Dame Jenny Shipley, are liable to pay $39.8 million in compensation to the...

Construction company directors used 'rob Peter to pay Paul' strategies, says liquidator.

New Zealand’s top court has ruled former Mainzeal directors liable to pay $39.8 million plus interest and costs in compensation to the creditors and subcon

Perth broker notes all-out competition for stock

The lawyer for three former directors of Mainzeal says it was reasonable for them to rely on assurances the firm would get financial support from its parent company.

Getty Images Former prime minister Dame Jenny Shipley was one of the Mainzeal directors. In February 2019, Mainzeal directors, Shipley, Yan, Peter Gomm and Clive Tilby were found liable for breaching director duties by trading recklessly, and ordered to pay a total of $36m in damages and $2.3m in costs to Mainzeal. When the March judgment from the Court of Appeal was published, the liquidators said it was likely to lead to a significant increase in the award for damages for the creditors. Th...