February date for Boult


It’ll be at least another few months before any progress is made in the ongoing 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 confirms a teleconference was held last Thursday. Another is schedu-led for Feb-ruary 21 next year.

Boult is yet to confirm if he’ll 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 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 pair 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 2016, owing unsecured creditors $15 million. About 110 home buyers were affected. It was later placed into liquidation.