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ING Re (UK) Limited proposed a solvent scheme of arrangement under Section 425 of the English Companies Act 1985 (the “Solvent Scheme”), between ING Re (UK) Limited (the “Company”) and all of its creditors (the “Scheme Creditors”). PricewaterhouseCoopers LLP was appointed as the Scheme Adviser under the Solvent Scheme in accordance with section 4.1 of the Solvent Scheme.
On the 31st October 2007 the Company applied to the High Court of Justice in England and Wales for permission to convene a meeting of Scheme Creditors to consider the Solvent Scheme. Mr. Justice Henderson ordered the Company to convene a single meeting of creditors to consider and, if thought fit, approve the Solvent Scheme.
The Scheme Creditors' Meeting was convened in London on the 19th December 2007. All vote values were reviewed by the independent vote valuer, George Maher and his report was submitted, along with the Chairman’s report, to the High Court of Justice for the purposes of the Sanction Hearing. At the Sanction Hearing that was held on 23rd January 2008, Mr. Justice Evans-Lombe approved the Solvent Scheme.
On 30 January 2008 the Company successfully applied pursuant to Chapter 15 of the United States Bankruptcy Code for a permanent injunction restraining Scheme Creditors in the United States from proceeding against the Company in relation to Scheme Liabilities in that jurisdiction and requiring them instead to rely on the provisions of the Scheme for such liabilities to be met in full.
The Company has lodged a copy of the Sanction Order with the Registrar of Companies in England and Wales and, therefore, the effective date of the Solvent Scheme is 1st February 2008.
The last time and date for the receipt of Claim Forms under the Scheme was 5pm (London time) on 31st July 2008 (the Bar Date). Claim Forms are no longer being accepted by the Company.
The Company will apply the claims agreement process, as described in clause 3.3 of the Scheme to Claims received prior to the Bar Date. Should further information be required to assist in the claims agreement process the Company will contact the Creditors. Where the Company and the Creditor are unable to reach agreement, the Scheme makes provision for determination of that claim by an independent Scheme Adjudicator. Payment of Established Liabilities will be in accordance with clause 3.4 of the Scheme. The Company anticipates that all Established Liabilities will be paid within 6 months of the Bar Date, i.e. 31 January 2009.