Legal action against Queenstown Lake Mayor Jim Boult and another director of a failed construction company was settled with a $3.5 million payment to its liquidators, a new report says.
Stonewood Homes Ltd and its associated companies were placed into liquidation in the High Court at Christchurch in February 2016 with millions of dollars owing to creditors.
The company's liquidators, Rhys Cain and Rees Logan, took Boult and Stonewood founder and director Brent Mettrick to court alleging they continued trading while the companies were insolvent.
Part of the legal proceedings were also to recover alleged ''excessive remuneration'' paid to Boult.