Yan v Mainzeal Property Construction Limited (in liq)  NZSC 113
On 25 August 2023, the Supreme Court handed down its highly anticipated decision in Yan v Mainzeal Property Construction Limited (in liq)  NZSC 113. The Court largely upheld the Court of Appeal’s decision and included the award of damages of $39.8m against the directors collectively. In doing so, the Court addressed the scope and application of directors’ duties where a company is financially distressed, and how breaches of those duties should be compensated.
Mainzeal is an important decision for D&O insurers and their insureds. As Antony Holden and Michael Cavanaugh explain in this article, it includes some helpful commentary on liability under ss135 and 136, assessment of loss, and paves the way for a review of the Companies Act.
You can download the full article below.