a campaign to clear his name. In July 2010, the Statutory Managers reported that Allan Hubbard also controlled an additional business that they had not been aware of when appointed. This was Hubbard Funds Management, an investment management business estimated to be worth $70 million. It had inadequate accounting records consisting of a hand written cashbook and journals maintained by Mr Hubbard. In September 2010, two further companies related to Hubbard Funds Management, Hubbard Churcher Trust Management Ltd and Forresters Nominee Company Ltd, were also placed under statutory management. On 11 May 2011, Allan and Jean Hubbard filed judicial review proceedings in the Timaru High Court to challenge the decision to place them into statutory management. Two other assessments of the statutory management were also released in September 2011. On 6 September 2011, Kerry Grass released a report to the Government. Businessman Tur Borren also provided a report on the statutory management. After an independent review of the statutory management organised by the Registrar of Companies, Jean Hubbard was released from statutory management on 11 November 2011. In May 2012, Statutory Managers Grant Thornton New Zealand Limited reported that investors in Hubbard Management Funds were owed $82 million, and the fund was valued at $44.8m. Grant Thornton asked the High Court to decide how to distribute the fund given the lack of a prospectus and given that the 'largely fictional' investor statements had not been reconciled to investment assets for three years. In October 2015, Statutory Managers Grant Thornton reported paying out 99% of the money investors put into Aorangi Securities Limited, and all of the money originally put in by investors to Hubbard Management Funds. This led critics to question whether statutory management had been necessary or if the right approach had been taken by the statutory managers during their period of administration. Serious Fraud Office investigation On 20 June 2011, the Serious Fraud Office announced that it had laid fifty charges of alleged fraud under sections 220, 242 and 260 of the Crimes Act against Alan Hubbard in the Timaru District Court. On 9 September 2011, the Timaru District Court made an order permanently staying the prosecution of Allan James Hubbard in light of Mr Hubbard's death. Honours and awards In 1990, Hubbard was awarded the New Zealand 1990 Commemoration Medal. In the 2005 Queen's Birthday Honours, he was appointed a Companion of the Queen's Service Order, for