No appeal has been lodged over a High Court decision which
directed about $33 million of reinsurance money owed to
failed Queenstown-based Western Pacific Insurance to
Chistchurch earthquake lcaims and left other insurance
claimants more than $24 million out of pocket.
Western Pacific was liquidated last April and by November was
estimated to owe mainly insurance claimants $63.4 million.
Late last year the High Court allocated $33 million owed by
Western's overseas reinsurers for payment only to 183
Christchurch earthquake claimants, meaning $24.2 million
remained outstanding to other claimants.
The shortfall included $13.55 million owed to Australian
claimants, $2.01 million to Pacific and others and $1.24
million to New Zealand claimants, outside Christchurch.
The appeal deadline was last Friday, and when contacted
yesterday liquidator Simon Thorn, of Grant Thornton, declined
to comment on not having lodged an appeal, saying a report
would need to be made available to claimants before comment
to media.
Other sources close to the matter said liquidators Grant
Thornton could possibly apply to the courts for "leave out of
time" to seek an extension period and still lodge an appeal,
but such an extension was rare.
Grant Thornton had outlined to creditors in a December report
that they had to consider funding any appeal, because the
liquidators had "limited funds", there could be was no claim
made on the reinsurance fund and legal costs were estimated
at more than $75,000.
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