The liquidators for Mainzeal say they have been forced to use bankruptcy proceedings to get $18 million out of former director Richard Yan.
While both sides are appealing the $36 million in damages awarded against several former directors of the failed construction company, Yan hasn't yet paid or said how he will pay the $18m he has been ordered to front up with.
Justice Francis Cooke ruled earlier this year that Yan and three other directors: Jenny Shipley, Clive Tilby and Peter Gomm were liable, with Yan to pay $18m, and the others to split the other $18m.
Property records indicate Yan part-owns a Remuera property with a ratings value of more than $10m and an Epsom home valued at $4m. He is also the sole shareholder of a company which owns Campbell Park, a 32-hectare estate near Oamaru.
BDO liquidators Andrew Bethell and Brian Mayo-Smith say in a statement that the insurer for the other three directors, QBE, has already provided security for their share of the liability.