XN000022-1990-06-05 — Page 7

TUESDAY, JUNE 5, 1990

IN ANOTHER STATEMENT, MR GLEESON, IN HIS CAPACITY AS OFFICIAL RECEIVER, INDICATED THAT PRIOR TO THE PETITIONS BEING PRESENTED IN LONDON THE COMPANY HAD ALREADY ENTERED INTO NEGOTIATIONS FOR ITS HONG KONG BUSINESS TO BE TRANSFERRED TO ANOTHER INSURER.

AS PROVISIONAL LIQUIDATOR OF THE HONG KONG BRANCH, HE WOULD NOW TAKE POSSESSION OF, COLLECT AND PROTECT THE ASSETS OF THE BRANCH WITH A VIEW, IF POSSIBLE, TO FINALISING THE TRANSFER.

SUCH A TRANSFER, IF IT TOOK PLACE, WOULD BE IN THE BEST INTERESTS OF POLICY HOLDERS WHO COULD THEN CONTINUE WITH THE NEW INSURER WITHOUT ANY LOSS AND WITHOUT HAVING TO CLAIM ANYTHING IN WINDING-UP OF THE BRANCH.

THE

POLICY HOLDERS AND OTHER CREDITORS OF THE COMPANY WHO HAVE ANY QUERIES REGARDING THEIR POLICY OR POSITION IN THIS WINDING-UP SHOULD OCNTACT THE REGISTRAR GENERAL'S DEPARTMENT (OFFICIAL RECEIVER) AT TELEPHONE NUMBERS 867 2426 (ENGLISH) OR 867 2478 (CHINESE) DURING OFFICE HOURS.

TRANSFER OF LIFE INSURANCE POLICIES GOING AHEAD SMOOTHLY

UNION LIFE COMPANY TO DAH SING

THE TRANSFER OF LIFE INSURANCE POLICIES FROM GRAND ASSURANCE COMPANY AND HANG LUNG LIFE INSURANCE LIFE ASSURANCE COMPANY IS GOING AHEAD SMOOTHLY, THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID TODAY (TUESDAY).

HE WAS

REFERRING

TO THE

TAKE-OVER

OF THE

BUSINESSES OF GRAND UNION LIFE ASSURANCE COMPANY AND INSURANCE COMPANY BY DAH SING LIFE ASSURANCE COMPANY.

LIFE INSURANCE HANG LUNG LIFE

LIMIT ALMOST DURING THE FIRST TWO WEEKS OF THE ONE-MONTH TIME

SWITCHED TO DAH SING 50 PER CENT OF THE POLICY HOLDERS HAD ALREADY LIFE.

THE REMAINDER OF THE WEEKS OR

HE HOPED THAT, IN THEIR OWN INTERESTS, POLICY HOLDERS WOULD SWITCH TO DAH SING DURING THE NEXT TWO

So.

BE A

LUNG LIFE WAS GOING

LENGTHY

MR PROCESS,

THE LIQUIDATION OF GRAND UNION AND HANG

WOULD AHEAD BUT IT WAS LIKELY THAT THIS GLEESON SAID.

TWO

WERE LUNG LIFE

REMAINED WITH THESE THE INSURANCE POLICIES OF THOSE WHO

AND PRESENT INDICATIONS COMPANIES WOULD HAVE TO BE CANCELLED, THAT POLICY HOLDERS WHO REMAINED WITH GRAND UNION AND HANG WOULD HAVE LITTLE, IF ANYTHING, TO GET AT THE END, HE SAID.

HAD

ΤΟ WRITTEN

ALI. THE POLICY

A MATTER FOR THEM

HOLDERS

MR GLEESON SAID HE EXPLAINING THE POSITION TO THEM. IT WAS ENTIRELY NOW TO DECIDE WHAT THEY SHOULD DO.

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