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New Zealand High Court says D&O policy may not be used to fund director's defence costs

In Brief On 2 July 2007 New Zealand prop­er­ty devel­op­ment com­pa­ny Bridgecorp Group (Bridgecorp) was placed into receiver­ship, owing investors near­ly NZ$500 million.  In the after­math of the col­lapse, the NZ Secu­ri­ties Com­mis­sion brought numer­ous crim­i­nal and civ­il claims against the direc­tors of Bridgecorp in rela­tion to their con­duct. Some of the Bridgecorp…

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