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Credit Union placed in interim liquidation
A question mark has been put over the $8.8 million of savings held by the Canterbury Port and Province Credit Union that has been put into interim liquidation.
Christchurch accountant David Crichton, who has been appointed liquidator, says all the union's bank accounts have been frozen.
Canterbury Port and Province has about 6000 members in Canterbury and Marlborough.
Interim liquidation differs from liquidation, and does not mean the union will automatically be put into liquidation.
Deductibility on donations a cop-out
Charities are calling for a change in tax laws to encourage people to donate more money to charitable causes.
"The present system is a cop-out," Presbyterian Support Services (Northern) spokesman Lee Schoushkoff says.
For the past eight years the maximum tax rebate to an individual or company making a charitable donation has remained unchanged at $500, yet the charities are doing more of the work which was once considered part of the Government's role.
Spicers research manager Aaron Hing says that based on the top tax rate of 33 per cent the maximum deduction of $500 equates to a gross donation of $1500. "So far during the 90s inflation has eroded this sum to $1250 in real purchasing terms."
"This buys a lot less food and bandages than it did eight years ago," he says.
Royal & SunAlliance posts improved profit
Royal & SunAlliance has says it has posted a strong profit performances in both its life operations and its fire and general business in the year ending December 31.
The life company increased its pre-tax profit 68.5 per cent to $2.7 million, while the fire and general business was up 111 per cent to $16.1 million.
The company says the life insurance industry is undergoing fundamental modification as it responds to the need for a change in attitudes to retirement provision and the mushrooming of investment options.
Its purchase of Norwich Union's life and funds management business occurred post-balance date, however the acquisition will give Royal economies of scale, a stronger fund management team and an increased distribution base.
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