Insolvency, Restructuring and Run-Off

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The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “Emerging Trends in Asbestos Litigation: US/UK/European Issues and Perspectives” on Tuesday, May 25, 20 at 12:00 p.m. EST. …
Read More Webinar: Emerging Trends in Asbestos Litigation: US/UK/European Issues and Perspectives

The UK Government has announced a consultation on proposals to strengthen the administration regime for insurers, in particular to improve the protection and payment of benefits for persons insured with companies facing financial difficulties and addressing gaps in the administration regime for insurers as compared with the liquidation regime. 

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Read More UK: Government Consultation on Strengthening the Administration Regime for Insurers

In the case of Goldsmith Williams v Travelers Insurance Company Limited [2010] EWHC 26, Mr Justice Wyn Williams considered the question of whether a company had acted fraudulently. Goldsmith Williams brought a claim against Travelers Insurance Company Limited using the Third Parties (Rights against Insurers) Act 1930 (the 1930 Act). …
Read More UK: High Court Finds that Claim is Excluded as a Result of Director’s Aiding and Abetting

In Clydesdale Financial Services Ltd and others v Robert Smailes and others [2009] EWHC 3190 (Ch), the principal issues before the Court were whether the third claimant, Focus Insurance Company Ltd (Focus), had a real prospect of success in its claims to be, first, a creditor (under the Insolvency Act 1986) of the fifth defendant, Alexander Samuel LLP (LLP) in respect of unpaid premiums and, second, a “victim” under ss.423-425 of the Insolvency Act 1986 of the sale of LLP’s business to Jiva Solicitors LLP (Jiva) effected around the same time as it went into administration. 

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Read More UK: English High Court Decides that a Non-Creditor Can be Established as a “Victim” of a Transaction at an Undervalue

In a judgment issued on 15 December in the English High Court (Lehman Brothers International (Europe)(in administration) v CRC Credit Fund Limited & Ors [2009] EWHC 3228), and based on assumed facts presented to him, Mr Justice Briggs described the failure by LBIE to protect client monies from the impact of insolvency as “truly spectacular” and involving “shocking underperformance“. 

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Read More UK: English High Court Judge Blasts the Spectacular Failure to Protect Client Monies by Lehman Brothers International (Europe) (LBIE), its Auditors and Regulators

During the National Association of Insurance Commissioners’ (NAIC) winter meeting, the Restructuring Mechanisms for Troubled Companies (E) Subgroup adopted the “White Paper on Alternative Mechanisms for Troubled Companies” (the “White Paper”). 

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Read More NAIC Subgroup Adopts White Paper on Alternative Mechanisms for Troubled Companies

As reported here, the Third Parties (Rights Against Insurers) Bill is slowly making its way through the UK parliamentary process. The proposed legislation, to allow claimants to sue an insolvent defendant’s insurer without having to establish the defendant’s liability first, is due for another reading in the House of Lords today. 

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Read More UK: Third Parties (Rights Against Insurers) Bill, 2nd Reading in House of Lords