Creditors reject appeal bid cash call

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Creditors of Queens­town insurer Western Pacific have rejected an $86,000 cash call to fund a High Court appeal. 

Back in January, Western liquidator Simon Thorn wrote to creditors, urging them to fund an appeal against a verdict ordering a $34 million reinsurance payout should be dedicated to part-paying 183 Christchurch quake claims. 

The verdict dashed Thorn’s hopes of divvying up the $34m among all Western creditors, as well as permitting the liquidators to pay themselves from the reinsurance. 

Under Thorn’s proposal, trade creditors would also have shared in the $34m. 

“There’s been no appeal – the timeline has now gone,” Thorn tells Mountain Scene – he wouldn’t elaborate. 

With Thorn earlier saying liquidation costs could only be funded via the reinsurance, Western’s wind-up now appears to be at a dead end. 

Thorn himself would only say he’ll report to creditors very soon.