This is the latest news relating to the EAUA Pools.
Latest Updates
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.
Chapter 15 and Amended Section 304 - 23 November 2010
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.
The voting deadline for the EAUA Pools Scheme has now passed. The Sanction Hearing is likely to take place in October 2010.
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 English & American Insurance Company Limited ("EAIC");
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:
1. General Creditors and E&A Pool Creditors; and
2. E&A Pool Participants
as defined in the ICS existing scheme;
KX Reinsurance Company Limited, Metropolitan Reinsurance Company (U.K.) Limited and Moorgate Insurance Company Limited will be convened as follows: