Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order declares that Allan James Hubbard and Margaret Jane Hubbard cease to be subject to statutory management under the Corporations (Investigation and Management) Act 1989. Mr and Mrs Hubbard were both made subject to statutory management at 3.30 pm on 20 June 2010 by the Corporations (Investigation and Management) Order 2010 (SR 2010/166).

But this order declares that Mr and Mrs Hubbard cease to be subject to statutory management at different relevant specified times.

For Mr Hubbard, the relevant specified time is 5.00 pm on 3 November 2011, and the declaration applies only if Mr Hubbard is subject to statutory management immediately before that relevant specified time despite his death on 2 September 2011. If the declaration applies, then the effect of this order is that, in accordance with section 62(3)(a) and (b) of the Corporations (Investigation and Management) Act 1989,—

• Mr Hubbard ceases to be subject to statutory management at that relevant specified time:

• the appointment of the statutory managers in respect of Mr Hubbard terminates at that relevant specified time.

For Mrs Hubbard, the relevant specified time is 5.00 pm on 13 November 2011. The effect of this order is that, in accordance with section 62(3)(a) and (b) of the Corporations (Investigation and Management) Act 1989,—

• Mrs Hubbard ceases to be subject to statutory management at that relevant specified time:

• the appointment of the statutory managers in respect of Mrs Hubbard terminates at that relevant specified time.