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Scheme of Arrangement payment percentage increase 19 November 2013

PwC has announced a 1% increase to the payment percentage mandated to OIC Run-Off Limited and The London and Overseas Insurance Company Limited.

The revised payment percentage set under the Scheme of Arrangement (SoA) of the two companies has been improved to 58%.

Dan Schwarzmann, partner at PwC and joint scheme administrator of the companies, said: “Creditors who have received a payment of 57% of their liabilities established under the Scheme of Arrangement will receive an additional 1% payment within 90 days.

“Policyholders whose claims are yet to be agreed will receive payment as soon as the Companies’ liabilities to them become established.

“Established liabilities covered by the arrangement between Nationale-Nederlanden Overseas Finance and Investment Company Unlimited (NNOFIC) and The Institute of London Underwriters (ILU) will continue to be paid in full in accordance with the specific arrangements within the scheme of arrangement.”

Concerning the Scheme of Arrangement closure proposals, Schwarzmann said: “Following the completion of discussions with stakeholders it is now expected that the Practice Statement Letter relating to a proposal for an amending scheme of arrangement will be issued in the next few weeks.”

 

 

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