Leading New Zealand legal news source, NZ Lawyer, recently featured Hamilton Locke New Zealand1 Litigation Partner, Mihai Pascariu, in representing the liquidators of Mainzeal Property and Construction Ltd (Mainzeal) over the past 8 years against Mainzeal’s former directors.
The Supreme Court’s ruling released on 25 August ordered ex-directors to contribute in excess of $NZ50 million in compensation to the assets of Mainzeal.
The decision sets a precedent for corporate accountability and highlights the importance of litigation funding. The judgment brings closure to the creditors and subcontractors who suffered financial losses and were left approximately $NZ110m out of pocket following the company’s collapse in 2013.
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1An incorporated New Zealand law firm, licensed to use the Hamilton Locke brand.
