Bridgecorp decision reversed (Steigrad v BSFL 2007 Ltd & Ors [2012] NZCA 604) – Unfair contract terms legislation on its way for insurers
In a decision that will be welcomed by directors here and across the ditch, the New Zealand Court of Appeal yesterday upheld the appeal in the Bridgecorp litigation determining that a charge under the Law Reform Act 1936 (NZ) does not give third party claimants priority over insurance money ahead of a director’s claim for defence costs. More…