In the wake of the Stonewood Homes collapse directors are being reminded that they face tough financial penalties if they fail to meet their legal responsibilities.

Gerard Dale, a corporate law specialist with Christchurch law firm Lane Neave, said company directors came under close scrutiny when things went wrong, and when a company faced insolvency, they were at greatest risk of personal liability.

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GEORGE HEARD/FAIRFAX NZ
While creditors of Stonewood Homes anxiously wait to hear whether they will be paid, the case is being cited as a reminder of directors’ responsibilities.

VIA STUFF