10/29/2008
START DATE
END DATE
12-Nov-08
In the Matter of Harrington International Insurance Ltd.
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda
Commercial Law
Hon. Geoffrey R. Bell
Jennifer Fraser Appleby
N/A
FACTS OF THE CASE:
Company sought court's permission for a creditors' meeting for a scheme of arrangement concerning its reinsurance business excluding a specific ART transaction. Company was solvent intending either a solvent liquidation or new business post-scheme
SUMMARY:
Whether different classes of creditors can consult together at one meeting and the appropriateness of convening a single meeting of creditors
OUTCOMES:
Court permitted a single meeting of creditors finding the scheme and the meeting organization unobjectionable. Solvent liquidation considered the appropriate comparator not solvent run-off
RULED IN FAVOUR OF:
In Favour Of Plaintiff/Claimant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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In the Matter of Harrington International Insurance Ltd.
Company sought court's permission for a creditors' meeting for a scheme of arrangement concerning its reinsurance business excluding a specific ART transaction. Company was solvent intending either a solvent liquidation or new business post-scheme