Mainzeal Property & Construction, one of New Zealand's biggest construction firms, collapsed into receivership in February 2013. New Zealand Herald Photograph by Natalie Slade
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.