Compagnie Europeenne de Reassurances SA
| Date of insolvency: | 7 December 1998 (UK) 18 February 1999 (France) |
|---|---|
| Effective date of scheme of arrangement: | 20 July 2005 |
| Type of appointment: | Provisional Liquidation/Scheme of Arrangement |
| Appointment holders: | Paul Evans Nigel Rackham J Pierrel & M Volfinger of Mandataires Judiciaires Associes (French Liquidator) |
| Final payment percentage: | 0.52% |
| Key contacts: | Nigel Rackham PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT Tel: +44 (0) 20 7212 6270 |
| Company background: |
Compagnie Europeenne de Reassurances S.A ("CER") was incorporated in France. Before it ceased underwriting in 1996, its main business was to underwrite contracts of reinsurance. On 20 November 1998, a petition was presented to wind up CER on the grounds of its insolvency. Provisional Liquidators were appointed by the English Court on 7 December 1998 to manage CER's affairs. On 18 February 1999 a liquidator was appointed to CER in France by the French Court. As a result there were insolvency proceedings in respect of CER in both England and France. A Protocol, approved by the French and English Courts, was agreed between the two estates that determines the allocation of worldwide assets. A Scheme of Arrangement was approved at a creditors meeting on 7 July 2005 and became effective on 20 July 2005. Creditors' claims have now been agreed and a First and Final Dividend was distributed on 26th September 2006. Creditors had six months to present their dividend cheques for banking. The CER Scheme of Arrangement terminated on the 17th March 2008. As per Clause 10.1 of the Scheme of Arrangement all unclaimed balances have been paid to the French Liquidator. The contact details for the French Liquidators: Jerome Pierrel Phone: 00 33 (0) 1 4424 6565 |
Information correct as at: August 2010
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