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HIH HOLDINGS NZ LIMITED (HNZ)

Delisted from ASX 04/07/2001

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the trustee reports that the NSW Court of Appeal has rejected the appeal and there will therefore be no return to noteholders

26/03/2013

the trustee reports on proceedings in the Supreme Court of NSW and the NSw Court of Appeal - a hearing of the latter court is likely in late 2012 or early 2013

01/08/2012

on 11 July the liquidators rejected the proof of debt lodged by Perpetual on behalf of convertible note holders - Perpetual has filed an application with the court in New Zealand seeking a review of the liquidator's decision - it is listed for hearing on 25 October 2011 - a funding agreement has been reached with an institutional noteholder who will take a percentage of any dividend payable - seems reasonable but why it has taken almost nine years to reach this point is beyond comprehension

29/08/2011

the trustee reports that the liquidators have requested further information and documents which have been provided - the liquidator observes that the liquidation is governed by NZ law but the trust deed is governed by NSW law - he is seeking advice from NSW counsel - we have been acquiring the notes to facilitate the crystallisation of the capital loss - noteholders seeking to do so should utilise our "Sell your worthless shares" facility

15/10/2010

in a letter to noteholders dated 11 August 2008 the Trustee reports that on 8 May 2008 the Federal Court held that none of the convertible notes have been or can now be converted into valueless shares in HIH - the liquidators have confirmed that the converting noteholders appear therefore to be unsecured creditors of HIH NZ - the liquidators estimate that a dividend of between 18 cents and 21 cents in the dollar will be ultimately available to unsecured creditors but this is likely to take at least 2 years to resolve

11/08/2008

the trustee reports that there is still no resolution of the issue of whether the Notes were converted or not and it has finally been agreed with the liquidators to apply to the court for a ruling - why it has taken six years for the trustee to arrive at this point, on the most fundamental of issues, is beyond comprehension

25/07/2007

according to the trustee the liquidator of HIH Insurance Limited contends that the Notes automatically converted into ordinary shares on 12 June 2003 - those shares are of course worthless and all that may be claimable is the interest owed on the Notes at the time HIHNZ went into liquidation - the Liquidator of HIHNZ has not give consideration as to what entitlement the Notes may have nor can he estimate what return there may be - the trustee also suggests noteholders should consider seeking their own legal advice as it is possible Noteholders may have claims against individuals or corporate entities involved in the collapse of HIH

15/09/2006

the trustee is continuing to seek clarification of the entitlement of noteholders as to ranking and also of the potential dividend (it is now 5 years since this company went into liquidation!!)

10/03/2006

based on the assumption that noteholders are creditors, the liquidator is estimating a potential dividend of 2% to 9% - the question of noteholder entitlement will probably eventually have to be determined by the court

22/12/2005

the Trustee is in the process of finalising their annual update circular to Noteholders - it is hopefully going to be mailed out to Noteholders in the next 2 - 3 weeks

18/10/2005

no decision has been made as yet as to the status of the HIHNZ notes - until the status of the Noteholders has been determined, it is premature for them or the Trustee to file claims

30/06/2004

the Trustee has circulated a letter to noteholders - the return is still expected to be anything up to six cents in the dollar - whether the convertible noteholders are to be treated as unsecured creditors in the liquidation is an issue yet to be determined and the whole process is likely to take 3 to 5 years

30/09/2003

as more information becomes available liquidators will keep the convertible noteholders' Trustee (Perpetual Trustee Company Limited) informed

24/02/2003

liquidators advise there may be a nominal dividend to the creditors - their best estimate is for a dividend of approximately 6 cents in the dollar - whether the convertible noteholders are creditors in the liquidation is an issue to be determined - the liquidators have obtained independent legal advice and may need to refer the issue to the Court for final determination

23/02/2003

liquidators make first and only report to creditors pursuant to Section 255 of the Companies Act 1993 (under NZ legislation, where the liquidator believes the dividend will not exceed 20 cents, there is no requirement for the filing of reports with the Companies Office - accordingly, no further reports will be made to creditors unless the liquidator foresees the dividend exceeding 20 cents)

24/08/2001

company put into liquidation by order of the High Court in Auckland, NZ

19/07/2001

Kerryn Mark Downey and Alan Raymond Isaac, partners of KPMG in New Zealand, were appointed jointly and severally as liquidators

19/07/2001

delisted at entity's request

04/07/2001

ASX Announcements (courtesy of ASX)

 

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