The Court of Appeal has ruled former Bridgecorp director Peter Steigrad can claim against a directors' and officers' insurance policy.
The court overturned an earlier High Court decision that he couldn't access Bridgecorp's liability insurance with QBE Insurance of up to $20 million, which indemnified him and other directors against liability they might incur as a result of their actions as directors.
Steigrad is serving nine months home detention for Securities Act offences related to Bridgecorp's 2007 collapse .
He and fellow directors face a $442 million lawsuit being brought by Bridgecorp's receivers for breaching their duties.
The Court of Appeal judgement also dealt with a case between former Feltex directors and a group of investors over whether the company's insurance policy could be used by the directors.
The court says shareholders are not entitled to a charge over the insurance money.