February court date for Boult

Mayor Jim Boult
Mayor Jim Boult

It will be be at least another few months before any progress is made in the court battle over the collapse of Stonewood Homes.

Queenstown mayor Jim Boult, a former director of the failed construction company, is facing claims of more than $28 million over allegations of reckless trading. He denies the claims.

A Christchurch High Court spokeswoman confirmed a teleconference was held last Thursday. Another was schedu­led for Feb­ruary 21 next year.

Boult is yet to con­firm if he would take another tilt at the mayoralty, with local government elections set to be held next October.

Boult and former Stonewood managing director Brent Mettrick are being pursued by liquidators Rhys Cain and Rees Logan.

High Court records show Boult and Mettrick are accused of three counts of breaching their duties as directors under the Companies Act 1993.

The claim also alleges Boult is liable to repay hundreds of thousands of dollars in directors fees because his remuneration for two companies was not properly authorised, fair, or added to the interests register.

The breaches of directorship duties relate to claims the pair allowed companies to continue trading while insolvent, that Boult "actively dissuaded" Mettrick from accepting another offer to buy the company while he was making offers at the same time, and that the men put their personal interests above the best interests of the companies.

Boult and Mettrick both deny the claims, with Boult saying he acted in "good faith" as a director.

Stonewood went into receivership on February 22 in 2016, owing unsecured creditors $15 million.

About 110 home buyers were affected. It was later placed into liquidation.

\daisy.hudson@scene.co.nz 

 

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