’Fund not needed for liquidator’
PA Wellington The State Insurance Office will not set up a fund to meet the contingency of a claim by the liquidator of ■ Securitibank, Ltd, against shareholders on behalf of creditors, says the Minister in charge of th< office (Mr Walker). “It is not seen as being necessary,” he told Parliament, in reply to a question by Mr D. R. Lange (Lab., Mangere). Mr Walker said the key to any action was contained in! the Companies Act and in the Solvency Ac.. Sections of these acts proIvided “an avenue for the recovery of funds from shareholders if they knowlingly solicited funds from the public knowing the firm to be I insolvent," he said.
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Press, 5 July 1978, Page 27
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118’Fund not needed for liquidator’ Press, 5 July 1978, Page 27
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