Jean Hubbard will be removed from statutory management this month, the Government has announced.

Mrs Hubbard, the wife of the late Timaru financier Allan Hubbard, will have her financial straitjacket removed at 5pm on November 13.

The news will be welcome for 82-year-old Mrs Hubbard.

Nearly two months after she became a widow, she remains unable to control her financial future.


Commerce Minister Simon Power said today he had received a report from the Registrar of Companies that it was no longer necessary to keep Mrs Hubbard in statutory management.

"The Registrar of Companies has advised me that in the opinion of the statutory managers, Mrs Hubbard is no longer so closely connected to the business of Aorangi Securities Ltd that she must remain under statutory management. The Registrar is also of this view," he said in a statement.

Sir John Anderson and Rod Pardington were appointed by the Registrar of Companies on May 5 to review the statutory management of Allan and Jean Hubbard.

Sir John had now reported that the statutory managers had effective control of all those assets of Aorangi legally possible in the circumstances. His opinion was that the termination of Mrs Hubbard's statutory management would not detrimentally affect the statutory management of those particular assets.

"Taking all of this advice together, I am satisfied that the statutory managers have made good progress, and that the connection between Mrs Hubbard and the business of Aorangi no longer prevents the statutory managers from exercising their powers," Mr Power said.

"I am also advised that Mrs Hubbard's lawyers have stated that Mrs Hubbard wishes to be released from statutory management as soon as possible, and that she has been advised of the implications of such a course of action."

An Order in Council, recommended by Cabinet and signed by the Governor-General this afternoon, also confirmed that following his death, Mr Hubbard was no longer in statutory management.

Taxpayers look likely to take a $1 billion bath on the Hubbards' collapsed business, South Canterbury Finance, as asset sales fail to recoup anywhere near the Crown's $1.7 billion bailout.

Mr Hubbard's death in September ended an 18-month long chain of events that began with Mr Power putting the couple and some of their business interests under statutory management.

Mr Power said today that because there were complex issues in the Aorangi statutory management, including proceedings before the courts, it was not appropriate to make further comment.