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14.2.2020 |
EN |
Official Journal of the European Union |
C 51/5 |
Winding-Up Proceedings
Winding-up proceedings in respect of Elite Insurance Company Limited
(Publication made in accordance with Article 280 of Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II))
(2020/C 51/04)
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Insurance undertaking |
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Date, entry into force and nature of decision |
On 11 December 2019, the Supreme Court of Gibraltar appointed (with immediate effect) Mr Edgar Charles Lavarello and Mr Dan Yoram Schwarzmann of PricewaterhouseCoopers as Joint Administrators of Elite Insurance Company Limited under the Insolvency Act 2011. The Joint Administrators shall manage the business, assets and affairs of the company and will have the power to perform their functions in order to meet the statutory objectives in section 46 of the Insolvency Act. The Joint Administrators will coordinate with the Financial Services Compensation Scheme in the United Kingdom to ensure that the claims of eligible UK policyholders are processed and submitted to the Compensation Scheme. The Joint Administrator’s will also investigate the potential for compensation for policyholders in other European jurisdictions. In addition, the Joint Administrators will review unprotected insurance claims for the admission of such claims in the estate. Any distribution to insurance creditors may only occur if there has been a successful realisation of assets. Entry into force: 11 December 2019 |
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Competent authorities |
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Supervisory authority |
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Administrators appointed |
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Applicable law |
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