Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Hubbard investors set for distributions early next year

Hubbard investors set for distributions early next year

Dec. 5 (BusinessDesk) - Investors in Hubbard Management Funds are likely to get their initial distributions in the first three months of next year after the High Court settled on how to split the funds.

Justice Lester Chisholm has directed statutory managers Trevor Thornton, Richard Simpson and Graeme McGlinn of Grant Thornton to split HMF into two pools, the first being the principal amount owed to investors, excluding capital gains, interest and dividends that were reported on investor statements.

The second pool is the amount available from the sale of the fund's assets based on a formula set by the court, according to a statement by the statutory managers. Once the capital pool is repaid, the surplus pool payments can be made.

"We will not sell assets on a 'fire sale' basis. We need to maximise the recovery for investors," the statutory managers said. "It could take at least two years to repay the capital pool fully."

Investors have until Jan. 23 to appeal the decision, and if an appeal is lodged, all distributions will be delayed until the action is resolved.

The court-ordered claw-back of overpayments in the interim distribution has been removed, and the statutory managers won't seek repayments from investors, they said.

Former Commerce Minister Simon Power appointed the statutory managers of deceased Timaru financier Allan Hubbard and his wife Jean, and various entities, in mid-2010. The HMF entity emerged from their investigations into Aorangi Securities, another Hubbard vehicle.

The appointment controversially left out Hubbard's primary entity, South Canterbury Finance, which ultimately cost the taxpayer an upfront bill of $1.7 billion when it failed and called on the government deposit guarantee scheme.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news