WELCOME
At a Scheme Meeting held on 26 April 2005, the proposed solvent scheme of arrangement (the "Solvent Scheme"), between the Mercantile & General Reinsurance Company Limited (the "Company") and certain of its creditors (the "Scheme Creditors"), was voted on and approved by the Scheme Creditors. The Solvent Scheme was subsequently sanctioned by an order of the Court of Session, Scotland on 1 September 2005.
The Solvent Scheme became effective on 22 September 2005, being the date on which a copy of the court order sanctioning the Solvent Scheme was delivered for registration to the Registrar of Companies in Scotland. Dan Schwarzmann and Robert Hardy of PricewaterhouseCoopers LLP were appointed as the Scheme Advisers under the Solvent Scheme.
In accordance with paragraphs 4.1 (d) and 4.1 (f) of the Solvent
Scheme, Robert Hardy resigned as Scheme Adviser in January 2006 and was replaced by Mark Batten, a partner
in PricewaterhouseCoopers LLP, with immediate effect.
The deadline for submitting Claim Forms in respect of Scheme Liabilities, being the Final Claims Submission Date (namely 5:00 p.m. London time on 20 January 2006) has now passed.
Where no completed Claim Form was received by the Company by 5:00
p.m. London time on 20 January 2006, the Scheme Liabilities of that Scheme
Creditor (other than Scheme Liabilities in respect of claims which have
been agreed by the Company but not yet paid as at the Effective Date) have
been valued at nil. Scheme Creditors were, however, entitled to payment
from the Company under, and subject to the terms of, the Scheme in respect
of claims that had been agreed by the Company but not yet paid as at the
Effective Date, whether or not a Claim Form setting out the requisite
details of such claims had been received by the Company by the Final Claims
Submission Date.
All of the Scheme
Liabilities of the Company, including disputed Scheme Liabilities referred
to a Scheme Adjudicator, have been agreed and/or determined to be
Established Liabilities under the terms of the Scheme and the Company has
designated all Established Liabilities as Crystallised Liabilities. In
accordance with Clause 3.5 of the Scheme the Company has made full and
final payment to its Scheme Creditors in respect of their Crystallised
Liabilities.
The scheme was finally implemented on 5th July 2007 in accordance with
clause 6.1.
Correspondence
If you have a query in relation to the Scheme, please send an email to mgre_info@mgre.co.uk.
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