UPDATED: The statutory managers of Aorangi Securities will keep working with Mrs Hubbard after her release from statutory management "to make good on Mr Hubbard's promise that assets pledged to Aorangi will be available to meet the clai
UPDATED: The statutory managers of Aorangi Securities will keep working with Mrs Hubbard after her release from statutory management "to make good on Mr Hubbard's promise that assets pledged to Aorangi will be available to meet the claims of Aorangi's investors".
The statutory managers. Grant Thornton, will report to Aorangi investors by the end of this month.
Jean Hubbard, wife of the late failed financier Allan Hubbard, has been removed from statutory management, effective from 5pm on 13 November 2011.
Commerce Minister Simon Power said he had received a report from the Registrar of Companies that it was no longer necessary to keep Mrs Hubbard in statutory management.
"The Registrar of Companies has advised me that in the opinion of the statutory managers, Mrs Hubbard is no longer so closely connected to the business of Aorangi Securities Ltd that she must remain under statutory management. The Registrar is also of this view."
Sir John Anderson and Rod Pardington were appointed by the Registrar of Companies on 5 May to review the statutory management of Mrs Hubbard and her late husband. Sir John has now reported that the statutory managers have effective control of those assets of Aorangi in respect of which it is legally possible in the circumstances. In his opinion, the termination of Mrs Hubbard’s statutory management will not detrimentally affect the statutory management of those particular assets, Mr Power said.
"Taking all of this advice together, I am satisfied that the statutory managers have made good progress and that the connection between Mrs Hubbard and the business of Aorangi no longer prevents the statutory managers from exercising their powers.
Mr Power said because there are complex issues in the Aorangi statutory management, including proceedings before the courts, it is not appropriate to make further comment.
