Paul Taylor, the head of run-off supervision for insurance firms at the FSA, recently reiterated to the run-off sector that the FSA will object to solvent schemes of arrangement unless policyholders would be at least “no worse off” than in an ordinary solvent run-off. Although the FSA’s approval is not formally required for a scheme of arrangement to be implemented, it does have the power to object to a proposed scheme.
Read MoreYesterday, the Edwards Angell Palmer & Dodge team of Nick Pearson, Mark Everiss and Nick Stern continued to attend the 2008 AIRROC/Cavell Commutations Event. During the course of the day they held a series of meetings and took part in the later conference activities.
Read MoreIn Elektrim SA (In Bankruptcy) v Vivendi Universal (& Ors) [2008] EWHC 2155 (Comm) the claimant and defendant companies had entered into an investment agreement governed by Polish law, which contained an arbitration clause providing for arbitration in London. It was common ground that unlike the rest of the investment agreement , the arbitration agreement was governed by English law.
Read More
