Notice of the Result of the Scheme Meetings
NOTICE IS HEREBY GIVEN that meetings of the FSCS Protected Creditors and Other Direct Insurance Creditors (together, the “Scheme Creditors”) of Elite Insurance Company Limited (in Administration) (the "Company") were held on 7 May 2026 pursuant to an Order of the Supreme Court of Gibraltar (the “Court”) dated 13 March 2026. The purpose of the Scheme Meetings was for Scheme Creditors to consider and, if thought fit, approve (with or without modification) the scheme of arrangement pursuant to Part VIII of the Gibraltar Companies Act 2014 proposed to be made between the Company and its Scheme Creditors (the "Scheme").
FSCS Protected Creditors’ Meeting:
The Company is pleased to announce that FSCS Protected Creditors representing 98 percent in number and 96 percent in value of those FSCS Protected Creditors participating in the FSCS Protected Creditors’ Scheme Meeting (whether in person or by proxy) voted in favour of the Scheme.
Other Direct Insurance Creditors’ Meeting:
The Company is pleased to announce that Other Direct Insurance Creditors representing 100 percent in number and 100 percent in value of those Other Direct Insurance Creditors participating in the Other Direct Insurance Creditors’ Scheme Meeting (whether in person or by proxy) voted in favour of the Scheme.
Accordingly, the Scheme was approved by the required statutory majority of creditors in each class present and voting at the Scheme Meetings.
The Company will now seek sanction of the Scheme from the Court at a Court hearing (the “Sanction Hearing”) scheduled to take place on 27 May 2026. All Scheme Creditors are entitled to attend the Sanction Hearing. Details of how to attend the Sanction Hearing will be made available on the Company Website once known.
Dated: 21 May 2026
Edgar Lavarello & Dan Schwarzmann
Joint Administrators
Elite Insurance Company Limited (in Administration)
(acting as agents and without personal liability)
