BAI (Run-off) Limited (In Scheme of Arrangement) ("BAI")
| Date of insolvency: | 30 July 1998 |
|---|---|
| Effective date of scheme of arrangement: | 22 July 2002 |
| Type of appointment: | Provisional Liquidation/Scheme of Arrangement |
| Scheme administrators: | Dan Schwarzmann Mark Batten |
| Financial information: | Last accounts filed 31 December 2008 |
| Current payment percentage: | 5% |
| Key contacts: | Gary Bray PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT Tel:+ 44 (0) 20 7213 8900 John Goodwin BAI Claims Services Limited Poplar House, Park West Sealand Road Chester CH1 4RN Tel: =44 (0) 1244 370 077 |
| Company background: | BAI wrote liability and contract works business for the construction industry. It has been in run-off since June 1995, provisional liquidators were appointed 30 July 1998 and a Scheme of Arrangement was sanctioned by the High Court on 22 July 2002, following its unanimous approval at a creditors' meeting on 12 July 2002. |
| Next steps: | BAI announced an initial payment percentage of 5% in October 2002 and will continue in run-off under its Scheme of Arrangement. In order to assist policyholders who would have been protected under the Policyholders Protection Act 1975 if the company were in liquidation (or who are entitled to payment under the Financial Services Compensation Scheme ("FSCS") as a result of the transitional provisions of the Financial Services and Markets Act 2000), the FSCS Scheme Manager has agreed to be bound by the Scheme and to make payments in accordance with the terms of the Scheme. |
Information correct as at: December 2011
For further information about our services or if you would like one of our professionals to contact you, please email us.
