Press Notices > Malayan Insurance Company (UK) Ltd and Chiltington International Ltd
07 October 2008
ISSUED ON BEHALF OF:
Malayan Insurance Company (UK) Ltd and Chiltington International Ltd
PRESS RELEASE
FOR IMMEDIATE RELEASE
7 October 2008
MALAYAN SOLVENT SCHEME APPROVED BY CREDITORS AND COURT
Scheme implemented without use of external advisers
Malayan Insurance Company (UK) Ltd announces that its Solvent Scheme of Arrangement has today been approved by the High Court following unanimous creditor approval at the scheme meeting held on 1st October.
The scheme is notable in that all the scheme development and implementation work and the role of Scheme Adviser was carried out internally. The company’s run off manager for many years, Chiltington International in London, devised the scheme in conjunction with one of the directors of Malayan, Hugh Bohling of CityNet Law, who is the legal adviser and Ian Marshall of Chiltington who acts as Scheme Adviser.
In common with most Schemes, there was an independent chairman of the creditors’ meeting, Frank Attwood, and an independent Vote Valuer Colin Czapiewski, who is also the Scheme Adjudicator.
The entire business of the company is subject to the scheme. This includes the business of the former UK branch of the parent company in the Philippines, which was transferred into the company under a portfolio transfer carried under a precursor to Part VII transfers, namely, section 52 (2) of the 1982 Insurance Companies Act.
The Final Claims’ Submission Date is 9 April 2009 and thereafter the Scheme will be completed.
The Malayan Board of Directors commented that for a small company, the ability to implement the Scheme without the need for external advisers had proved to be very cost effective without which, a scheme would not have been feasible.
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Ends
Contacts:
MALAYAN: Mrs. Anne Bagshaw
Tel +44 (0) 20 7621 6343
Email: abagshaw@chiltington.co.uk
CHILTINGTON: Mr. Ian Marshall
Tel +44 (0) 20 7621 6343
Email: imarshall@chiltington.co.uk
CITYNET LAW: Mr. Hugh Bohling
Tel +44 (0) 20 7397 8520
Email: hughbohling@citynetlaw.com
About the Companies:
Malayan Insurance Company (U.K.) Ltd was established in 1979 to write London market reinsurance business. It is owned by Malayan International Insurance Corporation Limited, ultimately controlled from the Philippines. It has been managed by Chiltington since 1999.
Chiltington International is a long established, award winning service provider to the insurance industry, specialising in consulting and outsourcing from its main locations in London, Hamburg, Madrid, USA, Argentina and Mexico. It is owned by its management. In 1997 Chiltington carried out the first UK insurance Solvent Scheme of Arrangement for HIR (UK) Ltd.
