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This is the latest news relating to the EAUA Pools.
English & American Insurance Company Limited - Certificate of Completion 15 December 2016
A Certificate of Completion has been issued by the Scheme Manager, PRO Insurance Solutions Limited, to English & American Insurance Company Limited. A copy of the Certificate of Completion document can be viewed / downloaded from the Important Information page.
Chapter 15 Closing Order for Solvent Scheme Companies
The Solvent Scheme Companies of the English & American Underwriting Agency have been jointly granted an Order Closing Chapter 15 Cases by the United States Bankruptcy Court for the Southern District of New York.
A copy of the court papers can be found on the Important Documents / Information page.
Annual Report to Creditors 2015
This report is dated 10 November 2015 and was circulated to all known creditors in November / December 2015. A copy of the report is available on the EAIC Further Information page.
10 November 2015
EAIC's Scheme Administrators set final scheme payment percentage
The scheme payment percentage has been increased from 48% to 49.6%.
This is the final increase. Payments will be made within 90 days of Tuesday 10 November 2015. Refer to the IMPORTANT DOCUMENTS / INFORMATION - EAIC further information page for a copy of the press release.
13 December 2013
The scheme payment percentage for English & American Insurance Company Limited ("EAIC") has been increased from 45% to 48%, effective from 11th December 2013
(See the EAIC Further Information Page for a copy of the press release).
The Solvent Scheme Companies of the English & American Underwriting Agency have jointly filed Foreign Representative Motions for entry of closing Chapter 15 cases at the United States Bankruptcy Court for the Southern District of New York.
A copy of the court papers can be found on the Important Documents / Information page.
Update on the Section 57 Application
As previously reported, the Section 57 Application has been heard and the Court has handed down judgment. A copy of the sealed order of the Court and the Deputy Judge's judgment can now be found on the Important Documents / Information page.
English & American Insurance Company Limited and Claim No. HC13C02801 in the High Court of Justice of England & Wales
Update on the Section 57 Application
The Section 57 Application has now been heard and the Court has handed down judgment. The application was heard by the Honourable Mr Clive Freedman QC, sitting as a Deputy Judge of the High Court of Justice, who granted the Trustees the relief that they were seeking. By the Deputy Judge's order dated 9 October 2013, the Trustees have been given the power to apportion the trust fund and so create, in effect, two sub-funds. The Trustees will create a reserve for the benefit of those beneficiaries of the trust whose claims are not as yet subject to the EAIC scheme of arrangement. The Trustees will then use the balance of the monies in the trust fund to make distribution to those beneficiaries whose claims are Established Liabilities under the scheme. As a consequence, the making of distributions to the majority of beneficiaries will be accelerated.
A copy of the final form of the Court's order can be found at Important Documents / Information page. A copy of the sealed order of Court and the Deputy Judge's judgment will be posted to this website as soon as they are available.
English & American Insurance Company Limited and Claim No. HC13C02801 in the High Court of Justice of England & Wales
Update on the Section 57 Application
The hearing of the Section 57 Application has now been confirmed as taking place at 10.30am on 3 October 2013 in Court 6 of the Rolls Building, Fetter Lane, London EC4A 1NL. Please note that the Rolls Building is not the same building as the main Royal Courts of Justice building in the Strand. The hearing is listed for an hour and a half.
Documents which relate to the Section 57 Application can be found at Important Documents / Information page.
English & American Insurance Company Limited and Claim No. HC13C02801 in the High Court of Justice of England & Wales
Update on the Section 57 Application
On 11 July 2013 a claim form and certain accompanying documents were filed with the court by the Trustees of a trust declared on 29th May 2003 by Anthony James McMahon, Thomas Alexander Riddell and the Institute of London Underwriters. The claim form is for a court order granting the Trustees additional powers pursuant to section 57 of the Trustee Act 1925.
The hearing of the Section 57 Application will take place on either 2 October 2013, 3 October 2013 or 4 October 2013 (the final date and time of the hearing have not yet been confirmed by the court). Further information about the hearing will be posted on this website once known.
Documents which relate to the Section 57 Application can be found at Important Documents / Information page.
EAUA Pools Solvent Scheme Companies - Certificate of Completion (13 September 2013)
A Certificate of Completion has been issued by the Scheme Manager (PRO Insurance Solutions Limited) to the Solvent Scheme Companies.
(See the Important Information page for further details.)
Nippon Insurance Company of Europe - Certificate of Completion (5 September 2013)
A Certificate of Completion has been issued by the Scheme Manager (PRO Insurance Solutions Limited) to Nippon Insurance Company of Europe.
(See the Important Information page for further details
EAUA Pools Solvent Scheme Companies - Notice of Impending Completion (19 July 2013)
A notice was issued on 19 July 2013 regarding the impending completion of the schemes of arrangement made between the Solvent Scheme Companies and their respective Scheme Creditors (as defined in the Scheme) pursuant to section 425 of the Companies Act 1985.
(See the Important Information page for further details.)
Re English & American Insurance Company Limited and Claim No. HC13C02801 in the High Court of Justice of England & Wales
Update on the Section 57 Application
On 11 July 2013 a claim form and certain accompanying documents were filed with the court by the Trustees of a trust declared on 29th May 2003 by Anthony James McMahon, Thomas Alexander Riddell and the Institute of London Underwriters. The claim form is for a court order granting the Trustees additional powers pursuant to section 57 of the Trustee Act 1925.
The hearing of the Section 57 Application will take place on either 2nd October 2013, 3rd October 2013 or 4th October 2013 (the final date and time of the hearing have not yet been confirmed by the court). Further information about the hearing will be posted on this website once known.
Documents which relate to the Section 57 Application can be found at Important Documents / Information page.
Nippon Insurance Company Limited - Notice of Impending Completion (11 July 2013)
A notice was issued on 11 July 2013 regarding the impending completion of the schemes of arrangement made between Nippon Insurance
Company Limited and their respective Scheme Creditors (as defined in the Scheme) pursuant to section 425 of the Companies Act 1985.
(See the EAIC Further Information
Page for a copy of the press release). Bar Date for Claim Form Submissions Following the Bar Date for Scheme Companies, Scheme Creditors are no longer entitled to assert any additional Scheme Claims. The Bar Date being before 17.00 hours (UK time) 11 April 2011. Following the Bar Date for Scheme Companies, if a Scheme Creditor did not submit its Claim Form via the Website or return a manual Claim Form, together with the appropriate supporting documentation in accordance with the instructions accompanying the Claim Form, the Claim Form in the form made available to the Scheme Creditor under Clause 2.2.3 shall be deemed to have been submitted immediately prior to the Bar Date. In such circumstances the Scheme Creditor will lose its entitlement to assert any Scheme Claims additional to those present on the Claim Form.
(See the Important Information page for further details.)
Update on the Directions Application
On 13 May 2013, the Trustees of a trust declared on 29th May 2003 by Anthony James McMahon, Thomas Alexander Riddell and the
Institute of London Underwriters (the "ILU") issued an application for preliminary directions (the "Directions Application")
in respect of a claim form they intend to issue in the High Court for an order granting them additional powers as Trustees under
section 57 of the Trustee Act 1925 (the "Section 57 Application"). One of the orders sought in the Directions Application is for
the appointment of the ILU as a representative Defendant to the Section 57 Application, so that appropriate arguments can be made
to the Court in response to the Trustees and, in particular, to represent the interests of the Overlapping Beneficiaries (as defined
in the First Witness Statement of John Mitchell Wardrop).
Please note that the ILU has now advised the Trustees that it does not in fact wish to be appointed as a representative Defendant
to the Section 57 Application. Consequently, the Trustees will no longer be seeking an order that the ILU be so appointed. The
Trustees will instead seek orders that either another suitable person (such as one of the Overlapping Beneficiaries) be appointed
as a representative Defendant, should such a person put itself forward, or the Trustees be permitted to issue the claim form in
the Section 57 Application without naming a Defendant. The effect of the latter would be that the Trustees' counsel would seek to
address the High Court on all relevant issues and explain in full how the interests of beneficiaries, including the Overlapping
Beneficiaries, of the Trust might be adversely affected by the Section 57 Application.
The hearing of the Directions Application will still take place on 3 July 2013 at 11am. Documents which relate to the Directions
Application and the Section 57 Application can be found at Important Documents / Information page page.
Re English & American Insurance Company Limited and Claim No. 1/A 22 of 2013 in the High Court of Justice of
England & Wales
The Scheme Administrators, John Mitchell Wardrop and Michael Steven Walker, intend to issue a claim form in the High Court
of England and Wales in which they are seeking an order from the Court to grant them additional powers as Trustees
pursuant to section 57 of the Trustee Act 1925 (the "Section 57 Application").
The Application will enable them to make payments from the Trust to the great majority of beneficiaries at
or around the same time as final distributions are made to those beneficiaries under EAIC's Closing Scheme.
A hearing in respect of the Directions Application has been listed for 11am on 3 July 2013 at the Rolls Building,
110 Fetter Lane, London EC4A 1NL (the "Directions Hearing"). Documents which relate to the Directions Application
and the Section 57 Application can be found at Important Documents / Information page page.
Latest Updates
The scheme payment percentage for English & American Insurance Company Limited ("EAIC") has
been increased from 40% to 45%, effective from 17th October 2012
The United States Bankruptcy Court has granted recognition to the Schemes for the Solvent Scheme Companies. The Chapter 15 order provides that the Schemes of such Scheme Companies are to be given full force and effect in the United States and provides for a permanent injunction and related relief. (See the Important Documents / Information page for further details).
The amendment to the permanent injunction in the English & American Insurance Company Limited Section 304 case has also been granted, giving full force and effect in the United States to the Amended Scheme of Arrangement between English & American Insurance Company Limited and its Scheme Creditors. (See the Important Documents / Information page for further details).
News
Scheme Effective Date (12 October 2010) and Bar Date (11 April 2011)
The latest Scheme mailing dated 25 October 2010 gave Notification of the Effective Date and Bar Date for the Schemes. This was sent to potential Scheme Creditors of the EAUA Pools Scheme Companies, where PRO Insurance Solutions Ltd has an address, plus certain London market brokers, legal representatives and market bodies. The letters sent to USA creditors also attached a Notice of Filing and Hearings on Petitions Under Chapter 15 of the United States Bankruptcy Code and also Notice of motion pursuant to Sections 105 and 304 of the Bankruptcy Code to amend the Permanent Injunction Order to aid Enforcement of Amended Scheme of Arrangement between English & American Insurance Company and its Scheme Creditors. Copies of the mailings, including the Notices, can be downloaded from the Important Documents/Information page of this website.
The proposed Schemes for the 16 EAUA Pools Scheme Companies for whom votes were taken at the 30th April 2010 Creditors' Meetings have been sanctioned by the High Court of Justice in England and Wales on 6th October 2010 and became effective and binding on the Scheme Companies and their Scheme Creditors on 12th October 2010 (the "Effective Date"). (See the Important Documents / Information page for further details). The 16 EAUA Pools Scheme Companies are listed on the Scheme Companies page.
Scheme Creditors wishing to submit a Scheme Claim must submit their Claim Form via the Website or return their manual Claim Form to PRO by 17:00 hours (UK Time) on 11th April 2011 (the "Bar Date").
Claim Forms may be submitted either via the Website, or by completing and returning a paper copy of the Claim Form by post, fax or e-mail, to PRO. The Website and the documents that accompany the manual Claim Form contain important information and guidelines explaining the process for submission of your Claim Form.
Court Sanction Hearing
The date for the Sanction Hearing for the 16 EAUA Pools Scheme Companies, for whom votes were taken at the 30th April 2010 Creditor Meetings, is expected to be Wednesday 6th October 2010 at the Royal Courts of Justice, Strand, London WC2A 2LL. Please keep in touch via this website as further updates will be issued as developments become known. Please refer to the Scheme Timetable for further details.
Information issued pre Scheme Meetings (November 2009 to April 2010)
Scheme documentation, including the Explanatory Statement and Scheme Rules, along with other important documents, are now available via links from the Important Documents/Information page of this website. The latest Scheme mailing dated 8 February 2010 gave Notice of Meetings of Scheme Creditors on 30th April and included a CD-ROM version of the Scheme documentation, plus other important Scheme information. This was sent to potential Scheme Creditors of the EAUA Pools Scheme Companies, where PRO Insurance Solutions Ltd has an address, plus certain London market brokers, legal representatives and market bodies.
At the Leave to Convene court hearing at the Royal Courts of Justice, Strand, London, WC2A 2LL, England on 30 November 2009, permission was granted for Scheme Companies to convene meetings of creditors in the proposed EAUA Pools Scheme of Arrangement. The meetings will be held at Plaisterers' Hall, One London Wall, London, EC2Y 5JU on Friday 30 April 2010 commencing at 11:00am prompt (UK time). The doors will be open for registrations from 9:30am onwards.
Leave to Convene Court Hearing 30 November 2009
The Court has ordered that:
A single meeting of creditors will be held for The Home Insurance Company (In Liquidation) ("Home");
Two meetings of creditors will be held for The Insurance Corporation of Singapore (U.K.) Limited ("ICS") as follows:
2. E&A Pool Participants
as defined in the ICS existing scheme;
Three meetings of creditors for each of City International Insurance Company Limited, Fuji International Insurance Company Limited,
1. for Scheme Creditors in relation to their Scheme Claims other than IBNR Claims and claims under (3) below;
2. for Scheme Creditors in relation to their IBNR Claims other than claims under (3) below; and
3. for Scheme Creditors in relation to their claims under those UK employer's liability covers listed in Schedule 1 to Appendix F of the Scheme; and
Two meetings of creditors for each of the remaining 8 Scheme Companies will be convened as follows:
1. for Scheme Creditors in relation to their Scheme Claims other than IBNR Claims; and
2. for Scheme Creditors in relation to their IBNR Claims.
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