Stonewood Homes collapse is a wake up call for all directors

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

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