They are dogdy - hence the reason they are being closed down AGAIN - Reseach before you purchase insurance from this company!

Rural & General under judicial management

THE INSURER that was known as Rural & General has been placed under judicial management by Justice Perram in the Federal Court in NSW.

Justice Perram has appointed Murray Smith, a partner of McGrath Nicol, as judicial manager of the respondent under sub-section 62R(1) of the Insurance Act 1973.

The case was brought by APRA.

Justice Perram, who referred to Rural & General as “Rural” said the instant proceeding presented a prima facie case for judicial management.

Against the making of the order and in favor of a winding-up were:

• .“distinct, but not inevitable, possibility that Rural (& General) may be insolvent; and
• . dysfunctional management.

“In favor of the appointment of a judicial manager are:
. the fact that there is some possibility that Rural may turn out to be solvent;
. the need to ascertain its true position; and
. the likelihood that competent management may have a distinct and beneficial effect on the management of Rural.