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MED: Statutory Management of Mrs Jean Hubbard

Ministry of Economic Development: Statutory Management of Mrs Jean Hubbard

The Registrar of Companies, Mr Neville Harris, today expresses his condolences to Mrs Hubbard at this difficult time and issues the following statement in respect of the statutory management of Aorangi Securities Limited, and other companies and trusts. Mrs Jean Hubbard and her late husband Mr Allan Hubbard were included in the statutory management as associated persons.

"Although I am one of the parties in judicial review proceedings brought by Mr and Mrs Hubbard, I consider I should provide some information about the position regarding statutory management following the tragic accident in which Mr Hubbard lost his life.

"In May of this year I asked for an independent report on the statutory management as it applied to Mr and Mrs Hubbard and whether it needed to continue. That report was undertaken by Sir John Anderson and Mr Rod Pardington. When I received the report in July, I provided Mr and Mrs Hubbard with an opportunity to make submissions. At the time of the accident I was still considering their response, before advising the Minister whether either of them could be released from statutory management.

"Mr Hubbard's death changes the position in a number of respects. It will now be necessary to consult with Mrs Hubbard and her advisers before this review can be completed. Once a conversation is held with Mrs Hubbard, at an appropriate time when she is ready, I would expect it will be possible to complete that consideration, consult with the reviewers, and provide advice to the Minister in a week to ten days.

"The position of Aorangi Securities Limited and Hubbard Management Funds is complicated and investors have suffered losses. It is not yet clear where all of those losses will fall. Mrs Hubbard, who was a director of Aorangi and had a number of other involvements in other trusts and companies, needed to be involved in the first stages of the statutory management. Circumstances have now changed but under the Corporations (Investigation and Management) Act the main focus, and my first priority, must be the interests of the investors as creditors."


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