Highlands Insurance Company (UK) Limited - In Administration

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This is the latest news relating to Highlands Insurance Company (UK) Limited – In Administration.

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.

12 February 2008
The first Creditors' Committee Meeting took place at 2pm on 12 February 2008

9 January 2008
An initial meeting of creditors was held pursuant to Section 23 of the Insolvency Act 1986 on 8 January 2008. At the meeting 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. Membership details will be provided on this website in due course

8 January 2008
A meeting of creditors is planned to take place at the Crowne Plaza Hotel at 10am GMT.

20 December 2007
Joint Administrators’ proposals for achieving the purpose of the Administration was sent to all policyholders, brokers, intermediaries and agents who placed business with the company where an address was known to PRO or PwC.

16 November 2007
A letter advising creditors of the Administration Order, and enclosing a Statement of Claim Form, was sent by the Joint Administrators to all policyholders, brokers, intermediaries and agents who placed business with the company where an address was known to PRO or PwC.

 

 

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Highlands Insurance Company (UK) Limited
Bruton Court
Bruton Way
GLOUCESTER
GL1 1DA
Registered No: 1190948