Published on 11/12/2011
Following the 22 February 2011 earthquake, Western Pacific collapsed and placed itself into voluntary liquidation.
 
Its main asset has been reinsurance proceeds to be received from overseas reinsurers which are likely to be around $33 million and which were triggered as a result of the September and February earthquakes.
 
The liquidators sought directions on how to apply any reinsurance monies received following the two major earthquakes.  

Jared Ormsby was appointed by the Court to represent the interests of policy holders who sufferred loss in the September and February earthquakes and to argue that they had a priority in respect of those funds under Section 9 of the Law Reform Act ahead of other creditors of Western Pacific.
 
The Court agreed and  those policy holders who have suffered loss will now have a charge in respect of reinsurance monies so that those funds will be available to meet the claims of those who suffered loss in the earthquakes.



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