14 Aug 2010

Hardship case assessor appointed for Aorangi investors

7:36 am on 14 August 2010

Cash-strapped investors who have struggled since Aorangi Securities was placed under statutory management, have been offered some hope of relief.

Retired banker Dick Brown has been appointed as an independent administrator to assess hardship cases for those who have had their funds frozen.

Timaru businessman Allan Hubbard, his wife Margaret, his finance company Aorangi Securities, and seven trusts were placed under statutory management by the Government on 20 June.

Statutory manager Trevor Thornton advises investors who need to cover urgent living expenses to contact Mr Brown, who will assess their needs and make recommendations about releasing money.

Investors who live outside South Canterbury will be assessed by a person in their area.

Mr Thornton says he hopes the appointment will lessen the stress for investors who have had their funds frozen.