Articles
By Tim Goodger and Ed Stanley
First published: Elborne Mitchell LLP Website
Although solvent schemes of arrangement in the insurance and reinsurance markets have suffered the occasional challenge in the Courts (e.g. Scottish Lion), they remain an important tool in helping bring finality to old books of business. Tim Goodger and Ed Stanley, partners of Elborne Mitchell LLP, comment on the developments in respect of Solvent Scheme of Arrangements in the re/insurance market since the ruling of the Inner House Court of Sessions in respect of the appeal by The Scottish Lion Insurance Company Limited, including the use of “opt-out” schemes to address the perception that creditors can be forced against their will to participate in a scheme by the majority vote and the exercise of creditor democracy.
By Tim Goodger and Ed Stanley
First published: EM Website
5th February 2010
“We can see no basis…for the view that ‘creditor democracy’ operates only where ‘failure to agree would ruin it for all’.” The Lord President
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By Tim Goodger
First published: Elborne Mitchell website
22nd January 2010
Tim has been advising on the FSA client money rules and related issues in the insurance sector since implementation of the rules in 2005.
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Author: Tim Goodger
First published: mEMo Edition 40
15th December 2009
The debate as to whether claims in respect of client trust accounts, held by an insolvent entity, can be the subject of a scheme of arrangement or whether distribution of those monies can only be effected under the CASS rules has come to a final resting place, at least for now.
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Author: Tim Goodger
First published: EM Website
18th November 2009
Parties should give careful consideration to the terms in re/insurance contracts and scheme of arrangements about the reviewability of dispute resolution decisions.
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Author: Tim Goodger
First published: EM Website
16th October 2009
Tim discusses the recent High Court decision involving Lehman Brothers International (Europe) which addresses the question of whether trust claims against a company (where it has constituted itself as trustee) can be the subject of a scheme of arrangement under Part 26 of the Companies Act 2006.
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