The High Court has rejected an attempt by Dame Jenny Shipley and other directors of failed construction firm Mainzeal to challenge the way their liability for millions of dollars of losses was calculated.
Dame Jenny Shipley and other Mainzeal directors have lost their case in the High Court relating to millions of dollars the company suffered in losses. Photo: RNZ
Earlier this, year, the court found director Richard Yan liable for $36 million, while Dame Jenny, Clive Tilby and Peter Gomm were each found jointly liable with Mr Yan for $6m for breaching their duties.
The judge left the door open for the parties to the case to challenge the amounts awarded.
The directors contended that the way the court assessed the losses to the company's creditors was exaggerated because it didn't take into account money that might be recovered from Mainzeal's liquidation.
Meanwhile, the liquidators wanted the court to address their claim for interest as an extra to the $36m of damages.
But the judge has dismissed both applications, standing by his original ruling.
The liquidators and the directors have filed an appeal and cross-appeal of the judge's ruling which are expected to be heard in the Court of Appeal this year.
