Unfortunate Policy Holders

Northern Advocate, 15 July 1939, Page 9

Unfortunate Policy Holders

[Per Press Association, Copyrights WELLINGTON, This Day. The opinion that 47.5 per cent of the balance of the levy owing was insufficient to meet all liabilities in the liquidation of the Public Mutual Insurance ■ Company of New Zealand was expressed at a meeting yesterday of a number of Wellington policyholders of the company.

A resolution to this effect was cardier: “Those present agree and recommend that all policyholders should pay not more than 50 per cent of their respective levies claimed by the liquidator,” the resolution added. Legal Advice.

Mr H. K. Knight, who presided, I said that legal advice had been obJtained, and the opinion was expressed | that the claims were made legally, land that policyholders were liable. “From information supplied by the liquidator on May 2 last,” the report of the committee stated, “it would appear that the position in regard to levies still owing and claims outstanding was as follows: The levy imposed on August 11, 1938, was £85,728. Of this, £3IOO was received in cash. Refunds and rebates were £4407, claims credited £1219, and sundry contra £lll, making a total of £8849, and leaving the amount of levy owing £76,879. Premiums owing at March 31, 1939, were £3466, debentures totalled £23,700, and debenture interest due at March 31, 1939, £1347.” The Position Set Out. The report added that the positioh would appear to be as follows;—Sundry creditors’ claims, etc., £50,058; less deposited with Public Trustee, £10,000; less premiums owing at March 31, 1939, £3466; total, £36,592. Os it would appear that the amount of £36,600 would be sufficient to meet the liabilities of t the company, it seemed unreasonable for the liquidator to call for the payment of the whole of levies outstanding, the report concluded. The chairman said the resolution did not commit policyholders in Wellington, but was an expression of opinion.