Folded insurer’s liquidation to continue for two years

By on May 6, 2014

The liquidation of small insurance company WESTERN PACIFIC INSURANCE LIMITED is likely to continue for at least another two years.

The liquidation is already three years old with none of the $48 million of Canterbury earthquake claims settled.

Liquidators said in their six monthly report that the liquidation was likely to continue until at least 2016 because there was a lot of work in assessing and settling insurance claims.

Western Pacific collapsed in April 2011, swamped by earthquake claims from Canterbury clients. It was owned by high-profile Queenstown lawyer Graham Smolenski and a related Australian couple, Jeff and Adele McNally.

Preferential creditors were likely to receive a payment in the next 12 months.

Read the full article by Marta Steeman > Business Day -