Syncora Guarantee (UK) Ltd, Re [2015] EWHC 3077 (Ch) (01 July 2015)
The court is satisfied that all statutory requirements are met, the transfer will not adversely affect policy holders or other stakeholders, and it is appropriate to sanction the scheme under Part 7 of FSMA 2000.
- Citation
- [2015] EWHC 3077 (Ch)
- Parties
- Claimant: Syncora Guarantee (UK) Ltd
- Jurisdiction
- England and Wales
- Judgment Date
- 01 July 2015
- Procedural Posture
- Part 7 Transfer Under Financial Services and Markets Act 2000 / Sanction Hearing for Insurance Business Transfer
- Outcome
- Scheme sanctioned
- Legal Topics
- Insurance Business Transfer, Regulatory Approval, Corporate Restructuring
Case Brief
Summary, issues, holding and outcome
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Parties
Syncora Guarantee (UK) Ltd
Claimant
Procedural Posture
Part 7 Transfer Under Financial Services and Markets Act 2000 / Sanction Hearing for Insurance Business Transfer
Legal Issues
- 1 Whether the proposed transfer of insurance business from Syncora Guarantee (UK) Ltd to Syncora Guarantee Incorporated should be sanctioned under Part 7 of the Financial Services and Markets Act 2000
- 2 Whether the transfer adversely affects policy holders or other stakeholders
Ratio Decidendi
The court is satisfied that all statutory requirements are met, the transfer will not adversely affect policy holders or other stakeholders, and it is appropriate to sanction the scheme under Part 7 of FSMA 2000.
Court Disposition
Scheme sanctioned
Orders
- Transfer of insurance business from Syncora Guarantee (UK) Ltd to Syncora Guarantee Incorporated approved
- Provision for dissolution without winding up of Syncora Guarantee (UK) Ltd upon completion of transfer
Full Case Text
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