Standard Insurance First Dividend 5s

Press, Volume CVI, Issue 31107, 9 July 1966, Page 3

Standard Insurance First Dividend 5s

The liquidators of the Standard Insurance Company, Ltd., plan to pay to creditors a first dividend of 5s in the £ on May 1 next year. Eventually they hope to pay a total of 10s in the £ to general creditors and where creditors have legislative protection full amounts will be paid.

This was announced yesterday in the liquidators’ fifth report to creditors and contributories of the company, the Press Association reports. Creditors who may eventually get 20s in the £1 are those who have priority under statutes.

To creditors whose debts were contracted in Queensland and who have the protection of that State’s company law there is likely to be a total dividend of 17s in the £. To all other creditors the estimate of the total dividend tb be paid is 10s in the £. In addition, creditors who were entitled to participate would receive a distribution from Government deposits, the amounts of which, at present, could not be determined. “It has been appreciated that creditors are vitally interested in knowing what dividends they are likely to receive, and when they are likely to be paid,” said the liquidators. “Even now it most difficult for us to make other than broad estimates because there is still a number of unknown factors which have not been finally determined.” Proof Of Debts The liquidators have now set September 1 next as the closing date for proof of debts from creditors. They strongly advise that any person who considers himself to be a creditor of the company, and has not yet

filed a proof of debt, should do so immediately. The Government-held deposits in Australia totalled 200,000 dollars and distribution from these would be made by the Commonwealth Treasurer direct to policyholders in Australia who were entitled to participate. The Treasurer would make this distribution in 1967, some months after the proposed dividend from general funds. In New Zealand deposits in respect of workers’ compensation insurance and fire insurance were, in effect, distributed by means of a satisfactory arrangement made with the Government and the National Insurance Company of New Zealand, Ltd. Claimants under workers’ compensation and fire policies in New Zealand had been paid in full. By arrangements with the pool, a similar position was being applied for motorvehicle third-party insurance. After the Australian High Court decision that the guarantee bonds issued by the former Sydney manager, H. D. C. Wilson, were valid, the liquidators have now accepted the bonds and they do not intend to take any further action. The official liquidator in New South Wales was checking all proofs of debt for these bonds and would admit or reject these In the light of his examination. Total payments by the liquidators over the same period came to £1,464,044. Payments to various creditors were £1,217,109 and expenses of liquidation were £224,107. For the year ended April 18 last, receipts totalled £91,420 —£39,508 from the sale of assets.

Total payments for the same period were £61,775. Expenses of liquidation accounted for £44,768 with the remainder in payments to various credtiors. The surplus of receipts for the year was £29,645. Statement Most of the assets of the company had now been rea-

Used, except for a number of revenue-earning investments which had been retained for the benefit of the liquidation. At April 18 the funds held by the liquidators amounted to £1,025,307. Since the liquidation began receipts have totalled £2,489,351, of which £2,032,174 came from the sale of assets. Interest and rents accounted for another £286,656.