XN000022-1987-06-19 — Page 4

FIRDAY, JUNE 19, 1987

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PETITION TO WIND UP INSURANCE COMPANY

THE REGISTRAR GENERAL, MR NOEL GLEESON, IN HIS CAPACITY AS INSURANCE AUTHORITY, HAS TODAY PRESENTED A PETITION TO THE HIGH COURT FOR THE WINDING-UP OF STANDFAST INSURANCE COMPANY LIMITED.

THE COMPANY IS INCORPORATED IN HONG KONG AND CARRIES ON GENERAL INSURANCE BUSINESS INCLUDING FIRE AND MARINE INSURANCE. IT ALSO CARRIES ON INSURANCE AGENCY BUSINESS ON BEHALF OF OTHER INSURERS.

THE DATE FOR THE HEARING OF THE PETITION HAS BEEN FIXED ON

JULY 27. 1987.

THE COURT HAS APPOINTED THE OFFICIAL RECEIVER TO BE THE PROVISIONAL LIQUIDATOR OF THE COMPANY.

THE REGISTRAR GENERAL SAID THAT THIS ACTION WAS NECESSARY ΤΟ PROTECT THE INTERESTS OF THE COMPANY'S POLICY HOLDERS, POTENTIAL POLICY HOLDERS AND OTHER CREDITORS.

THE GROUNDS FOR THE WINDING-UP, AS STATED IN THE WINDING-UP PETITION, WERE BASICALLY THAT THE COMPANY HAD FAILED TO MEET THE SOLVENCY REQUIREMENT OF THE INSURANCE COMPANIES ORDINANCE AND HAD NOT KEPT PROPER BOOKS OF ACCOUNT. HE ADVISED CLAIMANTS UNDER POLICIES ISSUED BY THE COMPANY AS AGENT FOR OTHER INSURANCE COMPANIES UP THEIR CLAIMS WITH THOSE INSURANCE COMPANIES DIRECT.

TO TAKE

IN ANOTHER STATEMENT, MR GLEESON, IN HIS CAPACITY AS OFFICIAL RECEIVER, INDICATED THAT WHEN THE OFFICIAL RECEIVER'S OFFICE HAS LOOKED FURTHER INTO THE AFFAIRS OF THE COMPANY, HE WILL DECIDE WHAT FURTHER ACTION SHOULD BE TAKEN TO PROTECT THE INTERESTS OF POLICY HOLDERS, CLAIMANTS AND CREDITORS.

POLICY HOLDERS AND OTHER CREDITORS OF THE COMPANY WHO HAVE ANY QUERIES REGARDING THEIR POLICY OR POSITION IN THIS WINDING-UP SHOULD CONTACT MR JOSEPH MOK OF THE OFFICIAL RECEIVER'S OFFICE ON 5-8622486 DURING OFFICE HOURS.

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