News: jenny shipley net worth

Former Prime Minister Dame Jenny Shipley has been ordered to pay $6 million to creditors of failed construction company Mainzeal, as part of a $36 million award by the High Court against the company’s directors. Former Prime Minister Dame Jenny Shipley has been ordered to pay up to $6 million for her role in the collapse of construction company Mainzeal. [6], Shipley grew increasingly frustrated and disillusioned with the cautious pace of National's leader, Jim Bolger, and with what she saw as the disproportionate influence of New Zealand First.

[28][29][30][31] Mainzeal went into liquidation on 28 February 2013, owing some NZ$110 million.

Justice Francis Cooke ruled Shipley, Peter Gomm and Clive Tilby should pay up to $6 million each to creditors, with the rest made up by Richard Yan, who founded parent company Richina. Active in the community, she joined the National Party (NP) in 1975.

Mainzeal creditors can find some satisfaction in a $36 million award, but the building company's collapse six year's ago still highlights "deep flaws" in the system, a construction lawyer says.

Britannica Explores “The court arrived at a total figure of $36 million, being approximately one third of the total loss to creditors, and being similar to the balance of funds that the directors had allowed the shareholder group to extract from Mainzeal,” the statement said. As leader of the governing party, she became Prime Minister on 8 December 1997. [14] However, the debate was muted by the controversy surrounding Tourism Board contracts going to the public-relations firm Saatchi & Saatchi, whose World CEO Kevin Roberts, also an advocate of the silver fern flag, was a good friend of Shipley. Omissions? [25][26] In December 2012, Shipley resigned from the board of directors of Mainzeal Property & Construction (MPCL), which went into receivership on 6 February 2013. This cover might be relevant to the extent that the directors would otherwise have difficulty in meeting the judgment. Just under half of the money was owed to unpaid subcontractors, including tradespeople working on Mainzeal projects. She was the first female prime minister of New Zealand, and the first woman to have led the National Party.[2][3]. Justice Cooke said that he had considered “but ultimately not taken into account” the $20 million of insurance liability cover held collectively by the Mainzeal directors. In his decision Justice Cooke said it was unclear whether the liability would be regarded as only one insured event and he suggested that some of the directors, including Shipley, may struggle to meet the costs without insurance cover. Jennifer Shipley, née Jennifer Mary Robson, byname Jenny Shipley, (born February 4, 1952, Gore, New Zealand), New Zealand politician who was New Zealand’s first female prime minister (1997–99).

Shipley became a member of the Council of Women World Leaders, an international network of current and former women presidents and prime ministers.

She began gathering support to replace Bolger in mid-1997.

Shipley left the Women's Affairs portfolio and took on several others, including responsibility for state-owned enterprises and transport. Justice Cooke decided on total compensation of $36 million, with Shipley and two other directors - Peter Gomm and Clive Tilby - expected to pay up to $6 million each. In this case, the action by the liquidator against the Mainzeal directors was funded by Auckland-based litigation funder LPF. [23] She made modifications to her lifestyle and lost weight, though she was diagnosed with diabetes in 2004. The coalition was dissolved in August 1998, but Shipley was able to remain in power with the aid of Mauri Pacific, an NZ First splinter group. Shipley has involved herself with business and charitable interests since leaving politics, and is a member of the Council of Women World Leaders. "Whilst it is not beyond argument, it appears that any limits of cover would result in the benefit being distributed pro-rata. She grew up in rural Canterbury, and attended Marlborough Girls' College and the Christchurch College of Education. The High Court has ruled that Mainzeal traded while insolvent for nine years and upheld claims of reckless trading made against four directors, including former prime minister Dame Jenny Shipley. [34] Both appeals failed.

They possess two children. Former Prime Minister Dame Jenny Shipley has been ordered to pay up to $6 million for her role in the collapse of construction company Mainzeal.

She retired from politics the following year but remained active in nongovernmental organizations, such as the Council of Women World Leaders and the Club of Madrid. Before entering politics, she worked as a schoolteacher and was involved with various community organisations. [15], The APEC Summit was hosted in Auckland in September 1999. CCTV Systems in Sydney. "We are thrilled with this judgment by the High Court, which sets an important precedent for the required standards of corporate governance and care owed by company directors in New Zealand towards the company and creditors," he said. "One difficulty with my taking this into account, however, is that I did not receive any evidence from the defendants on their inability to meet a significant judgment, although I would be surprised if the second to fourth defendants could do so without insurance cover.". However by adopting and sticking with a “vulnerable trading approach”, they had jeopardised the company.

", Premiers and prime ministers of New Zealand,, New Zealand MPs for South Island electorates, People educated at Marlborough Girls' College, Female heads of government in New Zealand, Women members of the New Zealand House of Representatives, Women government ministers of New Zealand, Dames Companion of the New Zealand Order of Merit, New Zealand members of the Privy Council of the United Kingdom, Recipients of the New Zealand Suffrage Centennial Medal 1993, 21st-century New Zealand women politicians, Short description is different from Wikidata, All Wikipedia articles written in New Zealand English, Articles with unsourced statements from September 2017, Articles with self-published sources from December 2017, Articles containing potentially dated statements from 2012, All articles containing potentially dated statements, Wikipedia articles with Trove identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 24 October 2020, at 17:01. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox.

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The decision holds him liable for the full $36 million awarded in compensation. [32] In February 2019, the High Court of New Zealand found that the Mainzeal directors had breached their duty to avoid reckless trading and assessed their total liability at NZ$36 million, of which Shipley's share was assessed at NZ$6 million.

From overcoming oppression, to breaking rules, to reimagining the world or waging a rebellion, these women of history have a story to tell. In 1973 she married Burton Shipley and settled in Ashburton. Jennifer Shipley in Texas 38 people named Jennifer Shipley found in Dallas-Fort Worth, Houston-Galveston-Brazoria and 13 other cities. Another director, former Brierley boss Sir Paul Collins, was not ordered to pay any compensation, as he joined the Mainzeal board not long before its collapse.

And Yan’s Richina stake is possibly worth US$1 billion-plus.

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Former directors Dame Jenny Shipley, Clive Tilby and Peter Gomm issued a statement of their own in response to the judgment.

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