Estate Manager For Standard Ins.

Press, Volume C, Issue 29524, 27 May 1961, Page 12

Estate Manager For Standard Ins.

(New Zealand Press Association) DUNEDIN, May 26. Mr 11. S. J. Tilly, a public accountant, of Dunedin, has been appointed special manager of the estate and business of the Standard Insurance Company, Ltd. The appointment was announced this afternoon in a Supreme Court order made by

the Chief Justice (Sir Harold Barrowclough). The order was made in chambers.

Mr Tilly has been appointed provisional liquidator of the Standard Company by the Court after the petition for the winding up of the company had been filed on April 18. When the winding up order was made by the Chief Justice on Wednesday, Mr Tilly’s duties as provisional liquidator ceased and the Official Assignee <Mr P. A. Gavin) became provisional liquidator. With the order made, by the Chief Justice today Mr Tilly has all the powers of a receiver and manager until the Court appoints a liquidator. This appointment will be made after the meetings of creditors and contributories in Dunedin on June 29. These meetings can recommend a liquidator or liquidators to the Court, but the final appointment is made by the Court. In his new capacity as special manager and an officer of the Supreme Court. Mr Tilly will represent the Standard Company at the hearing of the petition in Sydney on Monday for the winding up of H. and S. Credits. The windin’ up is being sought by the Standard Company. Particular Powers

In addition to powers as receiver and manager, Mr Tilly has been given the following particular powers by the Court:— (1) To carry on the business of the Standard Company in so far as it may be necessary to obtain custody of and to conserve the assets of the company and for that purpose to do all acts and to execute in the name and on behalf of the company all deeds, receipts and other documents and for that purpose to use when necessary the seal of the company. (2) To appoint solicitors or counsel to assist him in the performance of his duties. (3) To open and operate with the provisional liquidator. Mr Gavin, in the name of the company in liquidation accounts with a bank or banks carrying ai business in New Zealand at all or any of the offices of such bank or banks in New Zealand and Australia. <4) To take such actions as shall be deemed necessary for the proper administration

of the liquidation of the company beyond New Zealand and for such purposes to enter into arrangements with all or any liquidators of the company appointed in any place beyond New Zealand. (5) To sell by private treaty upon such terms and conditions as shall be approved by this Court, the freehold property owned by the company at Esk street, Invercargill. The Court also ordered that Mr Tilly give security in the form of a £lOO.OOO fidelity bond. Mr Tilly will receive such remuneration as fixed by the Court by a further order on his accounting to the Official Assignee. Mr N. W. Allan appeared before the Chief Justice in support of Mr Tilly's appointment.