Phoenix & London Assurance Ltd, Re

Phoenix & London Assurance Ltd, Re

The scheme is reasonable, fair, and meets statutory requirements, with no compulsion imposed on policyholders, and overwhelming support from affected parties; therefore, it is sanctioned.

Parties
Petitioner: Phoenix & London Assurance Ltd.; Respondent: Financial Services Authority
Jurisdiction
England and Wales
Judgment Date
11 December 2009
Procedural Posture
Scheme of Arrangement / Sanction Hearing
Outcome
scheme sanctioned
Legal Topics
Scheme of Arrangement, With Profits Policies, Guaranteed Pension Rates
Company Law Insurance Law Scheme of Arrangement With Profits Policies Guaranteed Pension Rates

Case Brief

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Parties

Phoenix & London Assurance Ltd.

Petitioner

Financial Services Authority

Respondent

Procedural Posture

Scheme of Arrangement / Sanction Hearing

Legal Issues

  1. 1 Whether the proposed scheme of arrangement meets statutory requirements
  2. 2 Whether the scheme is fair to affected policyholders
  3. 3 Whether creditor democracy should prevail in the context of the scheme

Ratio Decidendi

The scheme is reasonable, fair, and meets statutory requirements, with no compulsion imposed on policyholders, and overwhelming support from affected parties; therefore, it is sanctioned.

Court Disposition

scheme sanctioned

Orders

  • Scheme of arrangement promoted by Phoenix & London Assurance Ltd. is sanctioned.