Mr Hubbard's lawyer, Mike Heron, said the businessman would now be presumed innocent of the 50 serious fraud and other charges laid against him and the criminal charges against Mr Hubbard would be formally stayed by the court.
The 83-year-old financier died after the car he was travelling in on Friday afternoon collided head-on with a four-wheel-drive vehicle on State Highway 1 at Hilderthorpe, about 12km north of Oamaru.
Mr Hubbard died from multiple injuries after being stabilised at Oamaru Hospital and flown to Dunedin. He was a passenger in a car being driven by his wife, Jean (82), who sustained fracture injuries and was taken to Dunedin Hospital by ambulance.
Yesterday, Dunedin Hospital refused to comment on her condition, with the family still requesting privacy.
Mr Hubbard was being investigated by the Serious Fraud Office after the collapse of South Canterbury Finance triggered a record government bailout of $1.7 billion to 35,000 investors. He was due to appear in the Timaru District Court next month.
Crown Law Office lawyers and officials met yesterday after Commerce Minister Simon Power called a meeting ahead of a Cabinet briefing today.
Mr Power's spokesman, Brent Webling, said the meeting included representatives from the Companies Office and lawyers.
"The minister has been advised that the statutory managers are working with the family and their advisers to make sure they have everything they need at this difficult time."
The Hubbard family would be given time and space to deal with the tragedy, he said.
Mr Webling said the statutory managers would keep the minister informed, and he would be taking further advice from them as to what steps, if any, needed to be taken.
"Things might not become clear for a while, but we just want to give the family time to deal with things and we're going to respect their privacy at the moment."
Andy Earl (40), the man involved in the crash that killed Mr Hubbard, was driving home to Nelson earlier than scheduled from a trip away, in order to surprise his wife and six children.
Mr Earl was able to speak to Mr Hubbard before he died, and to Mrs Hubbard, following the accident, his wife Janelle told The New Zealand Herald.
Mr Earl had been in Otago for a week and was due back at the weekend.
Mrs Earl said her husband had no memory of the collision but managed to call her from the crash scene soon afterwards to tell her what had happened. He was not initially aware who was in the car his ute collided with.
"He was just really concerned about the other people."
Mrs Earl declined to disclose what her husband said to the Hubbards following the crash. Mr Earl had since tried to get in contact with the Hubbard family again.
Mr Earl, who was discharged from Oamaru Hospital after the accident, suffered a cut to his head and was still suffering from a "really sore" chest after arriving back at his Nelson home yesterday.
On Friday, a crash investigator inspected the crash site, just north of Corbett Rd and only a few metres south of the 45th Parallel plaque beside SH1, and police said investigations into the crash were likely to take some weeks.
Facebook pages set up to support Mr Hubbard have been inundated with expressions of sympathy, praise for his charitable works and support for his family.
- Additional reporting by APNZ and The New Zealand Herald
