72 boxes of Hubbard evidence misplaced

Last updated 08:41 05/12/2012

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Hubbard statutory managers and legal advisers will have to pay $37,500 of Jean Hubbard's legal bill after misplacing 72 boxes of crucial documents.

A trial had been set down for October 29 this year to determine the ownership of $60 million of assets, but two weeks beforehand the statutory managers from Grant Thornton asked the court for an adjournment as they had discovered 72 boxes of documents.

Justice Chisholm adjourned it to May 20, next year.

Because of the delay Hubbard's lawyers sought $140,000 legal costs and $177,000 for wasted costs. Justice Chisholm awarded Hubbard $37,500.

"The situation giving rise to the adjournment in this case should not have occurred and does not reflect well on the statutory managers.

Obviously the statutory managers should have realised that relevant documents were held by them long before this actually dawned on them, and their conduct could be categorised as careless. Aorangi Securities was put into statutory management along with the Hubbards on June 20, 2010."

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- © Fairfax NZ News

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