TUESDAY, NOVEMBER 1, 1988
17
FIRST DIVIDEND PAYMENT TO ORDINARY CREDITORS OF CUL
NOEL GLEESON, FIRST DIVIDEND ΤΟ THE AND GENERAL INSURANCE
THE REGISTRAR GENERAL AND OFFICIAL RECEIVER, MR
A OF TODAY (TUESDAY) ANNOUNCED THE PAYMENT ORDINARY CREDITORS OF CHINA UNDERWRITERS LIFE COMPANY LIMITED (IN LIQUIDATION) ("CUL").
THE DIVIDEND, WHICH WILL BE PAYABLE
21.3 PER CENT OF ADMITTED DEBTS.
ON NOVEMBER 8, WILL BE
ALL
CREDITORS 2,896 SEPARATE NOTICES HAVE BEEN SENT TO PARTICULARS OF THEIR DIVIDEND AND ARRANGEMENTS FOR PAYMENT.
WITH
A DISTRIBUTION OF THE FIRST DIVIDEND REPRESENTS
$25,000,000
BEEN HAVE WHICH
REALISED BY THE OFFICIAL FROM THE ASSETS OF CUL RECEIVER.
A
FURTHER
DIVIDEND IS
LIKELY
IN THE OF A
MR GLEESON SAID THAT FUTURE BUT IT IS NOT YET POSSIBLE TO STATE THE AMOUNT OR TIMING FURTHER DIVIDEND.
A
SUBSTANTIAL
RESERVE
BY HAS BEEN RETAINED
THE IN WHICH RECEIVER TO MEET POSSIBLE EXPENSES OF LITIGATION
ABOUT $400 MILLION INVOLVED, INCLUDING ONE LARGE CLAIM FOR BBMB FINANCE (HONG KONG) LIMITED (FORMERLY BUMIPUTRA MALAYSIA LIMITED).
OFFICIAL CUL IS AGAINST FINANCE
THAT CLAIM, WHICH IS EXPECTED TO BE HEARD IN THE SUPREME OF HONG KONG NEXT YEAR, ARISES OUT OF THE INVOLVEMENT OF BBMB PURCHASE OF CUL BY CARRIAN INVESTMENTS.
COURT
IN THE
PETITION 1984. THE
CUL WAS ORDERED TO BE WOUND UP BY COURT ORDER, ON THE
MAY OF THE REGISTRAR GENERAL (AS INSURANCE AUTHORITY), IN COMPANY HAD BEEN ACQUIRED BY CARRIAN INVESTMENTS LIMITED IN 1981.
THE WINDING UP PETITION FOLLOWED AN INVESTIGATION IN 1983 THE CUL'S FINANCIAL POSITION.
RECEIVER
THE LIQUIDATION OF CUL BY THE OFFICIAL THE LIQUIDATION OF A NUMBER OF SUBSIDIARY COMPANIES AND ASSETS IN HONG KONG, SINGAPORE, THAILAND AND AUSTRALIA.
INTO
HAS INVOLVED THE SALE OF
A DIVIDEND OF 100 PER CENT WAS PAID TO OF CUL IN NOVEMBER 1984.
PREFERENTIAL
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CREDITORS