NZDF

Statement of Contingent Liabilities and Assets

- as at 30 June 2008

Unquantifiable Contingent Liabilities

The NZDF has potential contingent liabilities relating to war exclusion clauses within life insurance policies held by members of the armed forces.

Quantifiable Contingent Liabilities

30 Jun 07
Actual
($000)

 

30 Jun 08
Actual
($000)

8,237 Potential claims from legal proceedings and disputes 6,096
3,500 Restructuring cost 6,700
11,737 Total quantifiable contingent liabilities 12,796

The potential claims from legal proceedings and disputes represent the amounts claimed by plaintiffs in relation to the performance of the NZDF’s statutory role. The NZDF is currently disputing these claims.

The NZDF is jointly responsible for redundancy compensation payments if a restructuring of the dockyard contract occurs.

Contingent Assets

The NZDF has no contingent assets (2007 nil).

Note

The accompanying notes form part of these financial statements.

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This page was last reviewed on 7 January 2009, and is current.