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Latest
Developments
Notice of move from Administration to Creditors' Voluntary Liquidation & Notice of discharge from liability of the Administrators - 25 April 2012
Dan Schwarzmann and Mark Batten, acting in their capacity as Joint Administrators
of Highlands Insurance Company (U.K.) Limited (the "Company"), gave notice to the
Registrar of Companies on 17 April 2012 that the Company is to move from an
Administration proceeding to a Creditors' Voluntary Liquidation in accordance with
paragraph 83, schedule B1 of the Insolvency Act 1986. A copy of the notice can be
downloaded from the Important Documents page of this website. The Registrar of Companies
registered the notice on 17 April 2012, therefore from this date the Joint Administrators
became the Joint Liquidators of the Company.
Furthermore, pursuant to an order of the High Court of Justice of England and Wales dated
3 April 2012 made in accordance with paragraph 98(2)(c), schedule B1 of the Insolvency Act
1986, the Joint Administrators shall be discharged from all liability in respect of any of
their actions as Administrators with effect from three months after the filing of their
final progress report with the Registrar of Companies in accordance with Rule 2.117A(1),
save in respect of any claim notified to the Joint Administrators by that date.
As the final progress report was filed with the Registrar of Companies on 17 April 2012,
the Joint Administrators shall be discharged on 17 July 2012. A copy of the report can
be downloaded from the Important Documents page of this website.
Claim Form - Claims Submission Date reminder
Under the terms of the Cedant Scheme all Scheme Creditors (as defined) must return their completed Claim Form by 5.00pm (London time) on 20 March 2012.
Direct Scheme Termination - 23 September 2011
Following payment in full of all Established Liabilities, the Direct Scheme has now been fully implemented and has therefore been formally terminated.
Cedant Scheme Effective - 22 September 2011
The Highlands UK scheme of arrangement for creditors in respect of any liability
under any reinsurance contract and any non-insurance creditors whose claim ranks
pari passu with reinsurance creditors by virtue of the Insurers (Reorganisation
and Winding Up) Regulations 2004 (the "Cedant Scheme"), became effective on 22
September 2011 (the "Effective Date")*. The deadline for Scheme Creditors (as
defined) to submit a Claim Form is 5.00pm (London time) on Tuesday 20 March 2012.
*The Royal Courts of Justice of England and Wales sanctioned the Cedant Scheme
on 15 August 2011 - this was subject to a minor modification to Clause 3.2.2 in
relation to the publication date of one of the Effective Date advertisements.
Further details of this modification are available on the Important Documents
page of the Company's website.
Scheme meeting - 10 August 2011
The meeting of Scheme Creditors was held on 10 August 2011 and the Scheme was duly approved by the requisite majority of Scheme Creditors. Scheme Creditors are creditors in respect of any liability
under any reinsurance contract and also include any non-insurance creditors whose claim ranks pari passu with reinsurance creditors by virtue of the Insurance (Reorganisation and Winding Up) Regulations 2004. The Court hearing to sanction the Scheme is currently scheduled for Thursday 15 September 2011 at the Royal Courts of Justice, Strand, London, WC2A 2LL.
Permission granted to convene a single Scheme Meeting - 20 June 2011
On 17 June 2011, the Royal Courts of Justice of England and Wales ordered that a meeting of the Scheme Creditors of Highlands UK be convened to vote on the Highlands UK scheme of arrangement proposal. Scheme Creditors are creditors in respect of any liability under any reinsurance contract and also include any non-insurance creditors whose claim ranks pari passu with reinsurance creditors by virtue of the Insurers (Reorganisation and Winding Up) Regulations 2004.
The date of the Scheme Creditors' Meeting is scheduled for 10 August 2011 at 3.00 pm at the offices of PricewaterhouseCoopers LLP, One Embankment Place, London WC2N 6RH.
A letter constituting a short-form explanatory statement along with voting forms and details of the Scheme Meeting was despatched on 20 June 2011 to all known potential Scheme Creditors. Scheme documents and forms are also available on the Important Documents page of the Company's website.
Leave to Convene Court Hearing - 17 June 2011
The date of the Company's application to Court for permission to convene a single Scheme Meeting of Scheme Creditors of Highlands UK is currently scheduled for Friday 17 June 2011 at 10.30am at the Royal Courts of Justice, Strand, London, WC2A 2LL. Scheme Creditors are creditors in respect of any liability under any reinsurance contract and also include any non-insurance creditors whose claim ranks pari passu with reinsurance creditors by virtue of the Insurers (Reorganisation and Winding Up) Regulations 2004.
If the application is approved by the Court, Scheme Creditors will be notified of the date from which a letter constituting a short-form explanatory statement, prepared in accordance with Section 897 of the Companies Act 2006, will be made available on this website along with voting forms and details of where and when the Scheme Meeting will be held. In the meantime, and for information only, please see the Important Documents page - Scheme Meeting Documents link for a sample voting form and guidance notes, the final form of which is subject to Court approval.
Practice Statement Letter issued - May 2011
A Practice Statement Letter ("PSL") was sent to all known Scheme Creditors of Highlands UK as well as to certain London market brokers, legal representatives and market bodies. Scheme Creditors are creditors in respect of any liability under any reinsurance contract and also include any non-insurance creditors whose claim ranks pari passu with reinsurance creditors by virtue of the Insurers (Reorganisation and Winding Up) Regulations 2004. The PSL gives advance notice to Scheme Creditors of the intention to formally propose a scheme of arrangement, including its latest application to the High Court of Justice for permission to convene the necessary meeting of Scheme Creditors. The PSL also details the proposals for the constitution of the creditor class, for voting purposes, that will be put forward to the Court. A copy of the PSL can be downloaded from the Important Documents - Scheme Meeting Documents page of this website. For the avoidance of doubt the Scheme is not intended to apply to a liability arising directly or indirectly out of any contract or policy of direct insurance of any kind whatsoever. These liabilities are being dealt with in accordance with a separate scheme of arrangement which became effective on 19 August 2009.
May 2011 - FSA employers' liability insurance register
Highlands Insurance Company (UK) Ltd has potential liability for policies under which UK commercial lines employers' liability cover has been provided to employers. These policies commenced or were renewed before 1 April 2011 and no claims were made on or after 1 April 2011. Highlands UK is not required, under FSA rules, to make details of these policies available in a register. However, enquiries may be made about these policies by individual claimants, their authorised representatives, or insurers or their insurance intermediaries, with potential claims, by contacting the following:
Ian Leighton
Highlands Insurance Company (UK) Ltd - In Liquidation
c/o Pro.
Bruton Court
Bruton Way
Gloucester
GL1 1DA
United Kingdom
Final
Claim Form - Bar Date Reminder
Under the terms of the Scheme all Scheme Creditors (as defined) who have filed
a Claim Notification must return their Final Claim Form by 5.00pm (London time)
on 15 February 2010.
Claim
Notification - Bar Date Reminder
Under the terms of the Scheme all Scheme Creditors (as defined)
must return their Claim Notification Form
by
5.00pm (London
time) on
17 November 2009.
Scheme Effective
- 19 August 2009
The Highlands UK
Scheme became effective on
19 August 2009 (the "Effective Date"). The deadline for Scheme Creditors (as defined) to submit a
Claim Notification is
5.00pm (London
time) on
17 November 2009.
The deadline for submitting a Final Claim Form is
5.00pm
(London
time) on
15 February 2010.
Scheme sanctioned
-
30 July 2009
On 30 July 2009 the
Royal Courts of Justice of England and Wales sanctioned the Highlands UK
Scheme.
Chapter 15 - 1
July 2009
A motion was filed
pursuant to Bankruptcy Code sections 1521 and 105(a) and Fed.R.Bankr.P.7065,
with the United States Bankruptcy Court for the Southern District of
New York
. The
hearing date is currently scheduled for
Tuesday 18 August
2009. Please see the Important Documents page for further details.
Scheme meeting -
18 June 2009
The meeting of Scheme
Creditors (as defined) was held on 18 June 2009 and the Scheme was duly
approved by the requisite majority of Scheme Creditors. The Court hearing to
sanction the Scheme is currently scheduled for Thursday 30 July 2009 at the
Royal Courts of Justice, Strand, London, WC2A 2LL.
Permission
granted to convene a single Scheme Meeting - 01 May 2009
On 30 April 2009, the
Royal Courts of Justice of England and Wales ordered that a meeting of the
Scheme Creditors (as defined) of Highlands UK be convened to vote on the
Highlands UK scheme of arrangement proposal.
The date of the Scheme Creditors' Meeting is scheduled for 18 June 2009 at
10.00 am at the offices of PricewaterhouseCoopers LLP, One Embankment Place,
London WC2N 6RH.
The Highlands UK Scheme documents, including voting information and forms, was
despatched on 1 May 2009 to all known potential Scheme Creditors (as defined)
where the Company has a record of that entity's name and address. These
documents and forms are also available on the Important Documents page of the
Company's website.
Leave to Convene
Court Hearing - 30 April 2009
The date of the
Company's application to Court for permission to convene a single Scheme
Meeting of all its Scheme Creditors (as defined) is currently scheduled for
Thursday, 30 April 2009 at 10.30am at the Royal Courts of Justice, Strand,
London, WC2A 2LL.
Practice
Statement Letter issued - March 2009
A Practice Statement
Letter ("PSL") was sent to all known Scheme Creditors of Highlands UK
as well as to certain London market brokers, legal representatives and market
bodies. Scheme Creditors are creditors in respect of any liability arising out
of contracts or policies of direct insurance (as opposed to a contract or
policy of reinsurance) other than employers' liability policies. A separate
letter was also sent to all known reinsurance creditors, enclosing a copy of
the PSL for their information.
The PSL gives advance
notice to Scheme Creditors of the intention to formally propose a scheme of
arrangement, including its proposed application to the High Court of Justice
for permission to convene the necessary meeting of Scheme Creditors. The PSL
also details the proposals for the constitution of the creditor class, for
voting purposes, that will be put forward to the Court. A copy of the PSL and
the letter sent to reinsurance creditors can be downloaded from the Important
Documents page of this website.
12 February 2008
The first Creditor's Committee Meeting was held pursuant to Section 23 of the
Insolvency Act 1986 on 12 February 2008.
8 January 2008
At the meeting on 8 January 2008 the Joint Administrators proposals for
achieving the purpose of the Administration were approved unanimously by
creditors present and represented. The proposals approved are detailed within
documentation circulated on 20 December 2007, copies of which can be found on
the Important Document page of this website. In addition a vote was taken at
the meeting of creditors to constitute a Creditors' Committee. Contact details
are provided on the Contacts page which also includes
details of the Creditors' Committee members.
November 2007
Following a
determination by the Directors of Highlands Insurance Company (UK) Limited (the
"Company") that the Company is insolvent and that it would be in the
best interests of the Company's creditors for administrators to be appointed in
respect of the Company, the Directors of the Company filed an application with
the High Court of Justice on Thursday, 25 October 2007 for the appointment of
Dan Schwarzmann and Mark Batten, both Partners in PricewaterhouseCoopers LLP,
as Joint Administrators to manage the affairs of the Company. The application
was agreed by the High Court on
Thursday, 1 November 2007
and a copy of the Administration Order can be downloaded from the
Important Documents page of this website.
Dan Schwarzmann
and Mark Batten have been appointed as Joint Administrators of Highlands
Insurance Company (UK) Limited to manage its affairs, business and property as
its agents. As such they contract without personal liability. Dan Schwarzmann
and Mark Batten are licensed to act as insolvency practitioners by the
Institute of Chartered Accountants in England and Wales.
On the 1 November
2003 the Company appointed PRO Insurance Solutions Limited (“PRO”) as managers
of the run-off business. The Joint Administrators continue to engage PRO on
behalf of the Company to assist with the orderly administration of the Company.
Administration
The powers and duties
of an Administrator are set out in the Insolvency Act 1986 which has the
effect, inter alia, of passing management and control of the company to an
independent insolvency practitioner. Administrators must perform their
functions with the objectives of:
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(i)
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rescuing the company
as a going concern, or
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(ii)
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achieving a better
result for the company’s creditors as a whole than would be likely if the
company were wound up, or
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(iii)
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realising property in
order to make a distribution to one or more secured or preferential creditors.
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The making of an
Administration order restricts the rights of creditors in a number of ways. In
particular the rights to start or continue legal proceedings or to enforce
security are suspended.
The moratorium
imposed by the Administration order will allow the Joint Administrators to work
with the Company to focus on ascertaining its true financial position and on
promoting a solution for the benefit of all creditors without the threat of
action being taken by individual creditors.
On 16 November
2007 the Joint Administrators sent a letter to all known policyholders,
brokers, intermediaries and agents who have placed business with the Company.
This letter can be downloaded from the Important Documents
page of this website.
Please continue to
review this website for more updates.
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