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.