Bridgecorp's Petricevic banned from directing a company

Former Bridgecorp director Michael Petricevic has been banned from directing or managing a company in New Zealand for five years.

The Deputy Registrar of Companies Peter Barker Rodney announced the decision today.

Fellow director Cornelius Robert Roest received the same ban.

Under section 385 of the Companies Act, where a person has been a director of more than one failed company within 5 years, that person must satisfy the registrar that their management of the companies' affairs was not, at least partly, responsible for the companies' demise.

Mr Petricevic and Mr Roest were unable to satisfy Mr Barker that the way in which they managed the affairs of the Bridgecorp Group was not at least partly responsible for the failure of those companies.

- NZ HERALD STAFF