Brent Norling

Really huge litigation.

And that's kind of thematic of a lot of director duty breach trials.

They're complicated.

Last year, we got a decision from the high court where...

We just took a really simplistic view.

We were like, what's the oldest debt?

It's probably the IOD.

Let's get the IOD information.

Turned out IOD debt had been outstanding for like two years.

And our clients had paid deposits on to build houses and they had paid it after that period.

And so we just said very simplistically, company was insolvent from the point of the oldest IOD debt.

When our deposits were taken, it was reckless, and the director should be personally liable.

So we got a judgment for 100 cents and a dollar against that director, plus our actual legal costs, which is very inconsistent with decades of decisions from the High Court.

So because of that, it's actually, it actually costs a lot less to pursue directors now because you don't need all the forensic work that used to go into pursuing a director.

Yeah.

So, well, well actually the creditors can just pursue that director directly, um, and just cut the liquidator out completely from that process.

Yeah, if you're a known creditor, the liquidator will write to you and you'll get a creditor's claim form that you can fill in.

That puts you on their list.

Most of the time, unsecured creditors are just not getting paid though.

That's the reality.