More than a decade of litigation following the collapse of construction firm Mainzeal ended this morning with the bankruptcy of Richard Yan.
The former Mainzeal boss had been found liable for allowing Mainzeal to trade while insolvent and ordered to pay almost $40 million alongside other directors Jenny Shipley, Clive Tilby and Peter Gomm.
That came to more than $60m once interest was applied, according to liquidators BDO’s most recent report on the matter posted on March 22.
While insurance had covered Shipley, Tilby and Gomm, the liquidators had not received anything from Yan and moved to bankrupt him. Today, associate judge Grant Brittain adjudicated him bankrupt.
Read more on BusinessDesk here.
