XN000022-1990-06-05 — Page 6

TUESDAY, JUNE 5, 1990

5

GOVERNMENT PUBLICATIONS CENTRE

G/F, GENERAL POST OFFICE BUILDING CONNAUGHT PLACE

HONG KONG

NOTE TO EDITORS:

THE DEPUTY COMMISSIONER OF CUSTOMS AND EXCISE,

MR K.S. TONG,

WILL BE AVAILABLE TO ANSWER MEDIA ENQUIRIES ON THE SUBJECT AT THE CUSTOMS OFFICERS' MESS, 9/F, RUMSEY STREET MULTI-STOREY CARPARK BUILDING, CENTRAL, AT 4 PM TODAY (TUESDAY).

WINDING-UP OF HK BRANCH OF INSURANCE COMPANY

* * *

GLEESON, IN HIS CAPACITY AS THE REGISTRAR GENERAL, MR NOEL

HIGH INSURANCE AUTHORITY, TODAY (TUESDAY) PRESENTED A PETITION TO THE

OF HONG

BRANCH KONG

NATIONAL OF WINDING-UP THE COURT EMPLOYERS' MUTUAL GENERAL INSURANCE ASSOCIATION LIMITED.

FOR

THE

HAD BEEN HE SAID PETITIONS FOR THE WINDING-UP OF THE COMPANY

APPOINTED EARLIER IN PRESENTED AND PROVISIONAL LIQUIDATORS HAD BEEN

OF THE LONDON. THIS HAD PRECIPITATED HIS PETITION FOR THE WINDING-UP HONG KONG BRANCH.

UNITED KINGDOM IN IN 1965 AND HAD OTHER

THE COMPANY, WHICH WAS INCORPORATED IN THE 1914, HAD ESTABLISHED A BRANCH IN HONG KONG BRANCHES IN AUSTRALIA, SINGAPORE AND BRUNEI.

DATE

BEEN APPOINTED AS PROVISIONAL THE OFFICIAL RECEIVER HAS LIQUIDATOR, AND JULY 30, 1990 HAS BEEN FIXED BY THE COURT AS THE FOR THE HEARING OF THE PETITION.

EMPLOYEES'

THE COMPANY WAS ENGAGED MAINLY IN MOTOR VEHICLE AND

IN HONG KONG, WITH ABOUT 12,000 COMPENSATION INSURANCE POLICY HOLDERS.

BUSINESS

PROVISIONAL LIQUIDATOR IN MR GLEESON SAID HIS APPOINTMENT AS

OF THE BRANCH ΤΟ HONG KONG WOULD "RING-FENCE" THE HONG KONG ASSETS

PETITION WAS THEREFORE MEET THE HONG KONG LIABILITIES, AND THAT THE NECESSARY TO PROTECT THE INTERESTS OF THE HONG KONG POLICY HOLDERS.

INTO HIS CUSTODY WHICH WERE THE WITH WOULD PROVIDE AND PERSONS

AS INSURANCE AUTHORITY HE HAD ALREADY TAKEN THE MAJOR PORTION OF THE HONG KONG ASSETS OF THE COMPANY,

THESE

COUPLED ASSETS, CONSIDERABLE, AND HE BELIEVED THAT GUARANTEE FUND OPERATED BY THE MOTOR INSURERS' BUREAU, A HIGH LEVEL OF SECURITY TO THE HONG KONG POLICY HOLDERS WITH INSURANCE CLAIMS AGAINST THE COMPANY.

/IN ANOTHER