Standard Insurance 4th dividend 18c

Press, Volume CXII, Issue 33032, 27 September 1972, Page 18

Standard Insurance 4th dividend 18c

(New Zealand Press Association)

DUNEDIN, September 26

The liquidators of Standard Insurance Company, Ltd. will pay a fourth dividend of about 18c in the dollar to ordinary unsecured creditors.

This was reported today in the ninth interim report from liquidators to creditors and contributories.

The dividend will be paid on November 1, and will be the main distribution of remaining assets. However, the liquidators say there are still a few matters outstanding, and a small fifth and final dividend may be some time away. So far, the liquidators have paid out in the three earlier dividends a total of 56c in the dollar to most unsecured creditors.

Other groups of creditors, who have had protection under various statutes, have been paid in full. The three dividends paid out so far to unsecured creditors were worth $3,386,779. Since the company’s

liquidation began, ten years ago, the realisation of assets has now yielded $5,063,798; other income and recoveries have raised total receipts to April 18 this year to $8,033,824. Payments to all classes of creditors now total $6,089,814. Other payments, including the expenses of liquidation at $831,526, bring total payments to $6,972,377 -—leaving a balance in hand at April 18 of $1,061,447.