Mrs Margaret Jane Hubbard has been removed from statutory management, effective from 5pm on 13 November 2011.
Commerce Minister Simon Power said he had received a report from the Registrar of Companies that it was no longer necessary to keep Mrs Hubbard in statutory management.
"The Registrar of Companies has advised me that in the opinion of the statutory managers, Mrs Hubbard is no longer so closely connected to the business of Aorangi Securities Ltd that she must remain under statutory management. The Registrar is also of this view.
"Sir John Anderson and Rod Pardington were appointed by the Registrar of Companies on 5 May to review the statutory management of Mrs Hubbard and her late husband, Allan Hubbard. Sir John has now reported that the statutory managers have effective control of those assets of Aorangi in respect of which it is legally possible in the circumstances. In his opinion, the termination of Mrs Hubbard’s statutory management will not detrimentally affect the statutory management of those particular assets.
"Taking all of this advice together, I am satisfied that the statutory managers have made good progress, and that the connection between Mrs Hubbard and the business of Aorangi no longer prevents the statutory managers from exercising their powers.
"I am also advised that Mrs Hubbard’s lawyers have stated that Mrs Hubbard wishes to be released from statutory management as soon as possible, and that she has been advised of the implications of such a course of action.
"Accordingly, Mrs Hubbard will be removed from statutory management, effective from 5pm on 13 November 2011. This 10-day period allows for an orderly transition in the interests of all affected, including Mrs Hubbard and her professional advisers."
An Order in Council was recommended by Cabinet and was signed by the Governor-General this afternoon. The Order also confirms that, following his death, Mr Hubbard is no longer in statutory management.
Mr Power said because there are complex issues in the Aorangi statutory management, including proceedings before the courts, it is not appropriate to make further comment.
A copy of the Registrar’s report to the Minister is attached.
Registrar's_report (pdf 70.64 KB)