|Date of insolvency and Joint Provisional Liquidators appointed:||17 June 2001|
|Date company wound up and Joint Provisional Liquidators discharged:||19 March 2021|
|Previous Type of appointment:||Provisional Liquidation / Scheme of Arrangement|
|Previous Appointment holders (now discharged):||Nigel Rackham
|Final dividend percentage:||14.47%|
|Key contacts:||Should you have an enquiry regarding an FSCS protected claim, please contact Capita who are managing these claims on behalf of the FSCS at firstname.lastname@example.org.
Should you have any other questions regarding the company please contact the Official Receiver at PIU.North@insolvency.gov.uk.
|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 dividend payments have been made, with the assets of the company full distributed.
After consultation with the Creditors' Committee, on 24 February 2021, the Scheme was terminated.
On 19 March 2021, the appointment of the Joint Provisional Liquidators was discharged and on the same day, the Company was wound up by the Court under the Insolvency Act 1986.