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Steigrad v BFSL 2007 Limited: Defence costs precluded by statutory charge over insurance monies.
decision in this matter was handed down by the New Zealand High Court on 15
September 2011 that may have significant ramifications in Australia...
concerned the collapse of the Bridgecorp Group (which comprised various finance
companies) in July 2007 owing investors almost $500M.
The plaintiffs were former directors of
the Bridgecorp Group and they faced a number of criminal and civil claims. The
defendants, the "Bridgecorp defendants" were companies within the Bridgecorp
group that were all in liquidation and/or receivership. The defendants intended
to commence civil proceedings against the directors alleging breach of statutory
and common law duties to the company. The civil proceedings were stayed pending
disposition of criminal law proceedings...
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