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WEDNESDAY, FEBRUARY 26, 1986
DURING THE PAST FIVE YEARS, THE DEPARTMENT HAD APPROVED GRANTS EXCEEDING $1 MILLION FOR VOLUNTARY COMMUNITY PROJECTS BY YOUNG PEOPLE WHICH PROVIDED OPPORTUNITIES FOR SELF-MOTIVATED INVOLVEMENT, COMMITMENT AND PARTICIPATION.
+WE MUST CONTINUE TO PROVIDE OPPORTUNITIES FOR SELF-FULFILMENT AND SERVICE, FOR BY ENCOURAGING VOLUNTARY ACTION BY THE PEOPLE AND NOT JUST GOVERNMENT ACTION FOR THE PEOPLE WE GIVE HEALTH AND VITALITY TO OUR SOCIETY, SHE SAID.
INSURANCE COMPANY WOUND UP ****
THE REGISTRAR GENERAL, MR NOEL GLEESON, IN HIS CAPACITY AS INSURANCE AUTHORITY, ANNOUNCED TODAY (WEDNESDAY) THAT MOW TAI INSURANCE AND REINSURANCE CO., LTD HAD INITIATED STEPS TO PLACE ITSELF IN LIQUIDATION BY WAY OF A CREDITORS' VOLUNTARY WINDING-UP.
THE COMPANY HAD MADE THAT DECISION AFTER CONSULTATION WITH THE INSURANCE DIVISION OF HIS DEPARTMENT, HE SAID.
THE COMPANY WAS INCORPORATED UNDER THE COMPANIES ORDINANCE ON DECEMBER 22, 1962 AND WAS AUTHORISED TO CARRY ON THE MAJOR CLASSES OF GENERAL BUSINESS (EXCEPT MOTOR VEHICLE INSURANCE) UNDER THE INSURANCE COMPANIES ORDINANCE.
HOWEVER, MR GLEESON SAID, FOLLOWING NEGOTIATIONS WITH HIS INSURANCE DIVISION, THE COMPANY CEASED ISSUING ANY NEW INSURANCE POLICIES, OR RENEWING EXISTING POLICIES IN MAY 1985 AND IN AUGUST 1985 TERMINATED ALL INSURANCE CONTRACTS THAT WERE TERMINABLE.
SINCE THAT TIME THE COMPANY HAD BEEN DEALING ONLY WITH OUTSTANDING CLAIMS AND LIABILITIES.
IT IS NOW CONSIDERED DESIRABLE FOR THE COMPANY TO BE WOUND UP IN ORDER THAT ITS REMAINING LIABILITIES MAY BE RUN OFF IN AN ORDERLY MANNER.
MR GLEESON EXPLAINED THAT LIQUIDATORS ARE EXPECTED TO BE APPOINTED AT A MEETING OF CREDITORS SCHEDULED FOR EARLY
APRIL 1986.
HE ADVISED INSURANCE CLAIMANTS AND CREDITORS OF THE COMPANY WHOSE CLAIMS HAVE NOT YET BEEN MET TO LODGE THEIR CLAIMS WITH THE LIQUIDATORS WHEN THE IR APPOINTMENT IS ANNOUNCED.
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