BAI (Run-off) Limited (In Scheme of Arrangement) ("BAI")
| Effective date of scheme: | 22 July 2002 |
| Date of insolvency: | 30 July 1998 |
| Type of appointment: | Scheme of Arrangement |
| Appointment holders: | Dan Schwarzmann Nigel Rackham |
| Current payment percentage: | 5% |
| Key contacts: | Natalie Pearce Emma Lawton emma.c.lawton@pwc.com |
| Company background: | BAI wrote liability and contract works business for the construction industry and has been in run-off since June 1995. Provisional liquidators were appointed on 30 July 1998 and a scheme of arrangement (the “Scheme”) became effective on 22 July 2002, following its unanimous approval at a creditors' meeting on 12 July 2002 and subsequent sanction by the High Court. |
| Next steps: | BAI announced an initial payment percentage of 5% in October 2002, and is renewed annually. BAI will continue in run-off under its Scheme. In order to assist policyholders who would have been protected under the Policyholders Protection Act 1975 if the company were in liquidation (or who are entitled to payment under the Financial Services Compensation Scheme ("FSCS") as a result of the transitional provisions of the Financial Services and Markets Act 2000), the FSCS Scheme Manager has agreed to be bound by the Scheme and to make payments in accordance with the terms of the Scheme. |
Information correct as at: October 2019
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