Last month the Employers & Manufacturers Association strenuously opposed a challenge to the age-old principle of limited liability while stating
if the directors and officers of Qantas are found to have failed to meet their statutory obligations then they must be
held accountable.
"Many creditors are now waiting to hear if the principals of Qantas New Zealand are found to have been negligent in any
way," said Alasdair Thompson, EMA's chief executive.
"They are looking for answers to questions like 'did its directors continue trading while knowing the company was
insolvent?' and 'did they fail to meet the deadline to file their annual report?' as The Independent (20/6/01) suggests
was the case.
"Regardless of the court findings on July 25th, it is gratifying that the proper legal processes are being pursued. The
reputation of business requires this and expects nothing less."
Ends