MONDAY, JULY 27, 1987
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WINDING UP OF INSURANCE FIRM ORDERED
HAS BEEN
STANDFAST INSURANCE COMPANY LIMITED WAS TODAY (MONDAY) ORDERED TO BE WOUND UP BY THE HIGH COURT. THE OFFICIAL RECEIVER APPOINTED AS THE PROVISIONAL LIQUIDATOR OF THE COMPANY.
THE ACTING REGISTRAR GENERAL, MR SHUM LAP-SHING, IN HIS CAPACITY AS THE INSURANCE AUTHORITY, SAID HE HAD PETITIONED FOR THE WINDING-UP OF THE COMPANY ON JUNE 19, 1987 ON THE GROUNDS THAT, INTER ALIA, THE COMPANY HAD FAILED TO MEET THE SOLVENCY MARGIN REQUIREMENT OF THE INSURANCE COMPANIES ORDINANCE AND HAD NOT KEPT PROPER BOOKS ACCOUNT.
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HE SAID HIS ACTION WAS NECESSARY TO PROTECT THE INTERESTS OF THE COMPANY'S POLICY HOLDERS, POTENTIAL POLICY HOLDERS AND OTHER
CREDITORS.
MR SHUM SAID THE COMPANY WAS INCORPORATED IN HONG KONG AND HAD BEEN CARRYING ON GENERAL INSURANCE BUSINESS INCLUDING FIRE AND MARINE INSURANCE. IT HAD ALSO CARRIED ON INSURANCE AGENCY BUSINESS ON BEHALF OF OTHER INSURERS.
HOWEVER, HE HAD, IN HIS CAPACITY AS OFFICIAL RECEIVER AND PROVISIONAL LIQUIDATOR OF THE COMPANY, ISSUED NOTICES OF TERMINATION TO CANCEL THE COMPANY'S POLICIES AND ADVISED POLICY HOLDERS OF THE COMPANY TO TAKE UP INSURANCE WITH ANOTHER AUTHORISED INSURER WITHOUT DELAY,
TWO GOVERNMENT LOTS SOLD FOR $87.3 M
A PRIVATE RESIDENTIAL SITE ON HONG KONG ISLAND AND AN INDUSTRIAL SITE IN THE NEW TERRITORIES WERE SOLD FOR A TOTAL OF MILLION AT A GOVERNMENT AUCTION TODAY (MONDAY).
$87.3
THE RESIDENTIAL SITE, AT TAI HANG DRIVE, NEAR TIGER BALM GARDEN, MEASURES ABOUT 1,568 SQUARE METRES.
BIDDING OPENED AT $50 MILLION.
IT WAS BOUGHT BY KINGFRONT LIMITED FOR $77 MILLION.
UNDER THE BUILDING COVENANT, THE BUYER IS REQUIRED TO COMPLETE AT LEAST 4,700 SQUARES METRES OF GROSS FLOOR AREA BEFORE SEPTEMBER 30, 1991.
/THE NEW