|Date of insolvency:||17 June 2001|
|Type of appointment:||Provisional Liquidation / Scheme of Arrangement|
|Appointment holders:||Mark Batten
|Final dividend percentage:||14.47%|
|Key contacts:||Alan Augustin / James Cameron
7 More London Riverside
Tel: +44 (0)20 7212 6556
|Company background:||Independent Insurance Company Limited ("Independent") wrote general insurance and reinsurance business mainly covering liability, property, motor and other insurance for the commercial and personal lines sectors. On 17 June 2001, the Directors of Independent presented a petition to the High Court for the winding-up of the company on the basis that Independent was insolvent and could not pay its liabilities in full.
On 16 March 2015, the UK Court ordered that Independent shall convene meetings of Scheme Creditors on 1 June 2015 to consider and, if thought fit, approve a Scheme of Arrangement (“Scheme”) proposed to be entered between Independent and its Scheme Creditors and on 13 July 2015, the Scheme became effective.
Under the terms of the Scheme, all claims had to be submitted so that they were received by the Scheme Administrators by the Bar Date (5pm UK time on 11 January 2016). The Scheme Administrators are unable to admit claims received after the Bar Date.
On 27 April 2017, the Scheme Administrators announced a first and final dividend percentage of 14.47%, set in consultation with the Creditors' Committee, and distributions to Scheme Creditors commenced shortly after.
All cheques are required to be cashed within six months from the date of issue.
Further information is available at www.independent-insurance.co.uk or please contact the Scheme helpline on +44 (0)20 7212 6556.