The English Court has ordered that meetings be convened on 4 July 2008 for creditors to vote on the solvent schemes of arrangement being proposed by 82 members of the E W Payne Pools. The E W Payne Pools have been in run-off for over 20 years and, it is predicted, that the run-off could last, if not for the proposed schemes, for at least another 20 years. The purpose of the schemes is to bring that run-off to an early close. The schemes establish a method for the valuation and payment of cedants’ current and future claims against  the Pools. Copies of the scheme documentation can be found by clicking here.
 
This is, by some way, the largest scheme proposal, by number of companies, that has been proposed in the London market. Edwards Angell Palmer & Dodge UK LLP are the lawyers advising on the preparation and implementation of the schemes.  KPMG, London are the accountant scheme advisers.