United Standard Insurance Company Limited

15 May 1996 (Provisional Liquidation)

12 June 2003 (Scheme of Arrangement)

20 February 2012 (in Liquidation)

United Standard Insurance Company Limited ("USIC") was formed in 1907 and wrote general insurance and reinsurance business in the London Market. In 1964, it began writing a domestic motor and property and accident account in the UK. It ceased writing casualty business in 1966, but continued writing property business until 1976 and UK domestic business until 1987. Deterioration in the casualty book, principally arising from US environmental pollution and asbestos claims, led to insolvency.

On 15 May 1996, USIC acting by and through its directors presented a petition to wind-up the company on the grounds of the company’s insolvency. On that same date, partners in PricewaterhouseCoopers LLP, formerly known as Coopers & Lybrand, were appointed Provisional Liquidators.

In 2003, the Provisional Liquidators recommended the implementation of a Scheme of Arrangement (“the Scheme”) and convened a Creditors’ Meeting on 27 May 2003 where all Creditors were invited to attend and consider their proposal. Creditors voted overwhelmingly in favour of the Scheme which was subsequently sanctioned by the High Court of Justice on 9 June 2003 and became effective on 12 June 2003.

All Claims against USIC have been agreed and paid out to its Creditors by way of an interim and a final Distribution. In accordance with the Scheme, the Scheme Administrators obtained a court order to wind up the company.

On 20 February 2012, the Scheme terminated and the company entered liquidation. The appointed Liquidator is the London Insolvency Service Official Receiver.

All enquiries in respect of the liquidation should be directed to the London Insolvency Service Official Receiver’s office quoting company registration number 00095707.