OIC Run-Off Limited & Ors, Re
Adequate notice was given, there is no jurisdictional impediment, and a single class of Final Scheme Creditors is appropriate for the meetings; therefore, permission is granted to convene a single meeting for each Final Scheme.
- Parties
- Applicant: OIC Run-Off Limited; Applicant: London and Overseas Insurance Company Limited; Interested Party: Nationale-Nederlanden Overseas Finance Investment Company
- Jurisdiction
- England and Wales
- Judgment Date
- 25 February 2025
- Procedural Posture
- Scheme of Arrangement / Convening Hearing
- Outcome
- Application granted
- Legal Topics
- Scheme of Arrangement, Creditor Meetings, Cross Guarantees, Parent Company Guarantees, Distribution of Assets
Case Brief
Summary, issues, holding and outcome
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Parties
OIC Run-Off Limited
Applicant
London and Overseas Insurance Company Limited
Applicant
Nationale-Nederlanden Overseas Finance Investment Company
Interested Party
Procedural Posture
Scheme of Arrangement / Convening Hearing
Legal Issues
- 1 Whether adequate notice was given to Final Scheme Creditors for the convening hearing
- 2 Whether there is jurisdictional impediment to sanctioning the Final Schemes
- 3 Whether class composition for creditor meetings is appropriate
Ratio Decidendi
Adequate notice was given, there is no jurisdictional impediment, and a single class of Final Scheme Creditors is appropriate for the meetings; therefore, permission is granted to convene a single meeting for each Final Scheme.
Court Disposition
Application granted
Orders
- Permission granted to convene a single meeting of Final Scheme Creditors for each Final Scheme.
- Meetings to be held remotely at 3pm on 24 April 2025.
Full Case Text
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