Chester Street Insurance Holdings Limited (Formerly Iron Trades Holdings Limited) ("Chester Street")
| Effective date of scheme: | 5 March 2001 |
| Date of insolvency: | 9 January 2001 |
| Type of appointment: | Scheme of Arrangement |
| Appointment holders: | Dan Schwarzmann Nigel Rackham |
| Current payment percentage: | 3% |
Company background
Chester Street’s employers’ and public liability business has been in run-off since 1989. On 19 December 2000, based on the fundamental uncertainties surrounding the financial position of the company, the directors of Chester Street proposed a Scheme of Arrangement under section 425 of the Companies Act 1985 (“the Scheme”). On 9 January 2001, following actuarial advice indicating that the value of Chester Street’s assets were significantly less than the amount of its liabilities, provisional liquidators were appointed. Following unanimous approval of the Scheme by meetings of creditors on 5 February 2001, the Scheme was formally sanctioned by the High Court on 28 February 2001 and became effective on 5 March 2001.
Next steps
The Payment Percentage is currently 3%, having been reduced from 5% with effect from 1 January 2013 following the most recent actuarial advice and in consultation with the Creditors’ Committee.
Chester Street 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.
If you wish to make a claim please contact:
Chester Street Insurance Holdings Limited
c/o PwC Business Services Limited
One City Park
4 Prince's Way
Bradford
BD1 1LA
uk_chester_street_enquiry@pwc.com
Personal data provided to PwC Business Services Limited will be processed in accordance with this privacy statement.
If you wish to email the Scheme Administrators team please contact:
Information correct as at: November 2020
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