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+--- Thread: Jenny Shipley appeal fails (/showthread.php?tid=2442)
Jenny Shipley appeal fails - Lilith7 - 25-08-2023
She & the other directors of Mainzeal must pay more than $6 million
https://www.stuff.co.nz/business/132799391/former-prime-minister-dame-jenny-shipleys-mainzeal-supreme-court-appeal-fails
The directors should have realised by 2010 that without a significant injection of capital, or assurances of support that could be reasonably relied on, allowing Mainzeal to continue to trade was likely to expose creditors to serious loss, the justices said.
ÔÇ£Mainzeal was balance sheet insolvent from 2005, albeit this was not apparent from its financial statements,ÔÇØ the court found.
In the end, Bank of New Zealand (BNZ), MainzealÔÇÖs bank, called receivers into Mainzeal in January 2013 after it saw a letter from Yan in which he confirmed no financial support for Mainzeal would come from China.
MainzealÔÇÖs debts to BNZ were paid in full.
Sub-contractors and Mainzeal staff were among debtors left out of pocket.
ÔÇ£The creditors have waited a long time for this decision which brings to a close over eight years of prolonged court proceedings, including trials in the High Court, Court of Appeal and Supreme Court,ÔÇØ he said.
ÔÇ£At every stage of this long process, the defendants and their insurance company, QBE, have denied wrongdoing which has only delayed justice for the creditors,ÔÇØ McKay said."
RE: Jenny Shipley appeal fails - zqwerty - 25-08-2023
So glad, I hate that word: "zeal".
RE: Jenny Shipley appeal fails - Lilith7 - 25-08-2023
(25-08-2023, 01:14 PM)zqwerty Wrote: So glad, I hate that word: "zeal".
Its not  a favourite of mine either, it always conjures up the phrase 'religious zealot'.
Quite pleased they didn't manage to wriggle out of this,all the same.
RE: Jenny Shipley appeal fails - R2x1 - 25-08-2023
The price of wool is going to skyrocket with so many eyes to be covered during the next few weeks and months of fiscal chicanery being applied (with extra zeal).
RE: Jenny Shipley appeal fails - Oh_hunnihunni - 25-08-2023
That is one big insurance claim...
Couldn't happen to a better ex PM.
RE: Jenny Shipley appeal fails - R2x1 - 25-08-2023
Is it "only pudding" if she gets her "just desserts"?
RE: Jenny Shipley appeal fails - Lilith7 - 25-08-2023
(25-08-2023, 06:14 PM)Oh_hunnihunni Wrote: That is one big insurance claim...
Couldn't happen to a better ex PM.
There are one or two ex MP's I can think of...
RE: Jenny Shipley appeal fails - R2x1 - 25-08-2023
Poor old Jenny, appeal is not an adjective that springs to mind. her brain is a bit deformed, and the rest follows like a backward sheep. But, her mother must have loved her.
RE: Jenny Shipley appeal fails - Lilith7 - 26-08-2023
(25-08-2023, 09:32 PM)R2x1 Wrote: Poor old Jenny, appeal is not an adjective that springs to mind. her brain is a bit deformed, and the rest follows like a backward sheep. But, her mother must have loved her.
I seem to recall her not being well liked even by Nat voters commenting on the old TM forums about her.