Proposed Scheme of Arrangement

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How to register for further information:

Please register your details for further communication on the Scheme by completing the Registration Form at reg.ips-docs.com/Registration. Please enter code EliteScheme26 when prompted.

This webpage, and where applicable certain of the documents on it, will be updated as the Scheme process progresses. Registering for further information will be the easiest way to keep up to date with information on the proposed Scheme.

Supporting documents

The key supporting documents, and copies of the correspondence sent to you so far are linked below.

What is the proposed Scheme of Arrangement ("Scheme") and why does it matter?

We are proposing a Scheme with the purpose of bringing closure to Elite’s affairs following the start of its administration on 11 December 2019. A Scheme is a formal legal arrangement between a company and its creditors. If approved, it will apply to all direct insurance creditors who may have a valid direct insurance claim affected by the Scheme ("Scheme Creditors").

All Scheme Creditors will have the right to vote on the Scheme. If approved by the Supreme Court of Gibraltar and Scheme Creditors, the Scheme becomes binding on all Scheme Creditors, including those who vote against the Scheme or do not vote at all.

The Joint Administrators have explored in detail various options to finalise Elite’s affairs. After careful consideration, they have concluded that implementing the Scheme is the approach that best serves the interests of Scheme Creditors as a whole. This is because, if it is implemented, the Scheme would:

1. allow for an earlier distribution of money from Elite than if the Scheme was not implemented as proposed;
2. provide for the assessment, valuation and payment of claims against Elite in a way that is efficient and fair between the Scheme Creditors; and
3. avoid additional costs involved in keeping Elite’s insolvency process open, which could take many years and reduce the estimated amount to be distributed to creditors.

The Scheme is also supported by the Elite Creditors’ Committee, which is comprised of a number of Elite’s creditors and the primary purpose of which is to assist the Joint Administrators in fulfilling their duties.

Next Steps:

Please read the correspondence we have sent you carefully and follow the instructions on how to access the Scheme documents, including the PSL, on this website. The PSL is an important document and you are advised to read it carefully. You should consider the contents of the PSL carefully and if appropriate to do so, take legal advice.

We kindly request that you register for the Elite Scheme using the Registration Form at reg.ips-docs.com/Registration. Please enter code EliteScheme26 when prompted.

This is the most effective way to keep up to date and monitor progress of the Scheme and ultimately any claim. It is also the most secure way to share information with us that may be required. Registering ensures you receive timely, accurate updates and notices, enables us to verify your details and link you to known policies or claims, and allows us to issue your portal access for voting (when available) quickly and securely.

Please see the FAQs for further information on the proposed Scheme and how to get in contact.

Scheme Meetings:

This will be updated when the Scheme Meetings are arranged.  We will also email you with further details.