Paramount Insurance Company Limited

Paul Evans (former Provisional Liquidator, former Scheme Administrator, former Liquidator)
Colin Bird (former Provisional Liquidator, former Scheme Administrator, former Liquidator)
Nigel Rackham (Scheme Administrator, Liquidator)
Mark Batten (Scheme Administrator, Liquidator)
 

Paramount Insurance Company Limited ("Paramount") was incorporated on 23 September 1946, and wrote motor business for individuals in the United Kingdom. On 21 May 1996 the Department of Trade and Industry withdrew authorisation for Paramount to write new insurance business, and on 21 June 1996 the directors of Paramount petitioned the Court to wind the company up. Paul Evans and Colin Bird were appointed Joint Provisional Liquidators of Paramount on 24 June 1996. In October 1997, East West Insurance Company Limited was appointed as Paramount's run off agent. In July 2000, BAI Claims Services Ltd (formerly Omni Whittington Insurance Services Limited) became the run off agent.

To date approximately £9.5m has been distributed in respect of claims and approximately £2.3m has been distributed in respect of premium refunds, in each case on behalf of the Financial Services Compensation Scheme (formerly the Policyholders Protection Board). Approximately £1.6m has been realised from the sale of properties.

At the meetings of Ordinary Creditors and Protected Policyholders on 17 June 1999, Paramount's Scheme of Arrangement ("the Scheme") was approved. The Scheme was sanctioned by the Court, and hence became effective, on 8 July 1999 with Paul Evans and Colin Bird being appointed Scheme Administrators. In accordance with the Scheme, Paul Evans and Colin Bird were also appointed Joint Liquidators of Paramount on 5 August 1999. Following Colin Bird's resignation as Scheme Administrator of Paramount with effect from 30 September 2001, Nigel Rackham was appointed Scheme Administrator on 1 October 2001. Further to an application to the High Court dated 27 July 2001, Nigel Rackham replaced Colin Bird as Liquidator of Paramount with effect from 31 July 2001. Following Paul Evan's resignation as Scheme Administrator of Paramount with effect from 28 September 2007, Mark Batten was appointed Scheme Administrator on 29 September 2007.  Further to an application to the High Court dated 19 October 2007, Mark Batten replaced Paul Evans as Liquidator of Paramount with effect from 25 October 2007.

Preferential creditors have now been paid in full. A fixed dividend payment of 47% has been made to all of the Ordinary Creditors in full and final settlement of their claims. An interim dividend to Protected Policyholders, which in reality is the Financial Services Compensation Scheme, has been paid at a level of 40%.