Monument Marine General Insurance Company Limited

Type of appointment:	Scheme of Arrangement/Liquidation
Appointment holders:	David Churcher - Scheme Administrator Michael Simpson - Liquidator
Effective date of scheme of Arrangement:	21 October 1992 (England and Wales) 28 October 1992 (Isle of Man)
Financial information:	/actuarial/publications/index.jhtml
Final payment percentage:	36.9%
Key contacts:	Charles Porter PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT Tel: +44 (0) 20 7804 4966
Company background:	Monument Marine & General Insurance Company Limited ("Monument") is an Isle of Man registered company and was incorporated on 5 October 1983 with its registered office situated at Sixty Circular Road, Douglas, Isle of Man. On 21 October 1992 the High Court of Justice of England and Wales made an Order sanctioning an insolvent Scheme of Arrangement. On 28 October 1992 The High Court of Justice in the Isle of Man made an Order sanctioning the Scheme of Arrangement. PricewaterhouseCoopers were appointed as Scheme Administrator of Monument. On 30 May 2001 David Churcher of PricewaterhouseCoopers, in his capacity as Scheme Administrator, sent a letter to each of the Scheme Creditors indicating that: A final distribution had been made to Scheme Creditors bringing the total payment percentage under the Scheme of Arrangement to 36.9% Following on from the final dividend payment the Scheme Administrator considered that maintaining the Scheme of Arrangement was no longer in the best interests of the Scheme Creditors Accordingly, the Scheme Administrator decided to place Monument into liquidation in the Isle of Man for winding-up subject to the supervision of the Isle of Man High Court. Placing Monument into liquidation would have the effect of terminating the Scheme of Arrangement The eventual level of dividend estimated to be payable to Scheme Creditors was set out in the Scheme of Arrangement document in 1992 and was estimated at between 28% - 33%. Monument was able to make a final distribution of 36.9% in May 2001. A significant proportion of Monument's debtors and creditors were Lloyd's syndicates. Total Scheme Creditors net claims established amounted to Â£16.1m and total reinsurance balances recovered were Â£4.6m Michael Simpson of PricewaterhouseCoopers in the Isle of Man was appointed liquidator of Monument in July 2002.
Next steps:	The Scheme is now closed.

Information correct as at: August 2010

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