A lawsuit filed in New Zealand against the two major banks in September will be allowed to proceed on an opt-out basis, a significant ruling according to lawyer Scott Russell. The case is being jointly funded by Australian litigation funder CASL and New Zealand litigation funder LPF Group.
Mainzeal liquidators Andrew Bethall and Brian Mayo-Smith are appealing the Court of Appeal ruling which found the directors’ decision to continue trading the company recklessly, while technically insolvent for nine years, did not result in a material loss to creditors. The directors include former prime minister of New Zealand, Dame Jenny Shipley. The liquidators are backed by the litigation funder LPF.
He was once the hunted debtor. Now New Zealand property developer Dave Henderson is pursuing the appointed liquidator of his collapsed Property Ventures group, arguing that the amounts paid to liquidator Robert Walker and the litigation funder that backed him “are appalling.’