An appeal against the New Zealand High Court’s decision in the Bridgecorp directors’ and officers’ (D&O) case is expected to be lodged today or tomorrow.

The Bridgecorp receiver will have to seek leave to appeal to the Supreme Court, the highest court in New Zealand, after the Court of Appeal threw out the original High Court Bridgecorp decision on D&O cover in December.

The High Court had ruled that a third party – in this case the receiver of the failed Bridgecorp group – had first claim on policy proceeds when the claim might exceed the amount of cover, effectively denying company directors and executives funding for legal defence costs and forcing insurers to restructure their D&O policies.