English and American Group plc, English & American Holdings plc

English and American Group plc ("EAG") was the holding company for a complex insurance group. The principle operating subsidiaries were English and American Underwriting Agency Limited ("EAUA") and English and American Insurance Company Limited ("EAIC"). EAUA acted as underwriting agent for EAIC and non-group insurance companies. In 1992 it became apparent that EAIC would not meet the required solvency margins and on 23 November 1992 EAIC ceased accepting new risks. On 19 March 1993 provisional liquidators were appointed to EAIC and in due course on 15 December 1994, EAIC's creditors approved a Scheme of Arrangement. Certain insurance contracts issued by EAIC through the Institute of London Underwriters were guaranteed by EAG and also by an intermediate holding company, English and American Insurance Holdings plc ("EAIH"). EAIH was also in administration. As a result of these guarantees, both EAG and EAIH had substantial deficits. On 28 April 1993 EAG resolved that it was unable to pay its debts and therefore sought the protection of the administration order, which was made. The administration order was granted with the purpose of implementing a Voluntary Arrangement or a Scheme of Arrangement or for the more advantageous realisation of the company's assets. The administrators do not have the power to pay creditors' claims.

The administrators after discussion with the principal creditors, proposed Scheme of Arrangements ("Schemes") in order to enable early distributions to be made to creditors in the most efficient and effective manner. Scheme Creditors voted unanimously in favour of the Schemes and following sanction by the High Court the Schemes became effective on 6 August 2003. Since then creditors' claims have been paid in full and final settlement at the relevant dividend rate specified in the Schemes.

Funds for ILU creditors were distributed to the ILU Trustees to be held on trust until closure of the EAIC Scheme.

A winding up order was made in the High Court of Justice in England and Wales on 16 February 2005 on the discharge of the Administration Order. The Official Receiver has been appointed as Liquidator. The Official Receiver has subsequently been released as Liquidator of EAG and EAIH.