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Legal Disclaimer.
Please read this disclaimer as well as the
Privacy Statement.
By using this website you agree to be bound by the terms and conditions as
defined.
Latest
Developments
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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