Re Continental Assurance Company of London Plc ((in Liquidation))
| Jurisdiction | England & Wales |
| Judgment Date | 18 December 1999 |
| Date | 18 December 1999 |
| Court | Chancery Division |
Chancery Division
Before Mr Justice Carnwath
Insolvency - insurance company - fixing date of voluntary liquidation
The Insurance Companies (Winding Up) Rules (SI 1985 No 95 (L2)) were designed to be a comprehensive code and applied to all liquidations whether compulsory or voluntary.
In order to avoid an otherwise inexplicable anomaly, it was necessary, in the case of a voluntary liquidation, to read the reference to the date of the winding up order, in those paragraphs which referred specifically to a winding up order, as a reference to the resolution which constituted the commencement of the winding up under the Insolvency Act 1986 and the point at which the company went into liquidation.
Mr Justice Carnwath so held in a reserved judgment in the Chancery Division when giving directions under section 112 of the 1986 Act relating to the winding up of Continental Assurance Company of London plc.
The two joint liquidators, Christopher John Hughes and David Julian Buchler were, respectively, applicant and respondent for the purpose of determining whether claims under eight prize indemnity insurance policies and one promotional contingency insurance policy were to be valued on "a just estimate of value" or a "return of premium" basis under the 1985 Rules.
Rule 6 of the 1985 Rules provides: "Except in relation to amounts which have fallen due for payment before the date of the winding up order, the holder of a general business policy shall be admitted as a creditor in relation to his policy without proof for an amount equal to the value of the policy and for this purpose the value of a policy shall be determined in accordance with Schedule 1."
Paragraph 2 of Schedule 1 provides: "(1) This paragraph applies in relation to liabilities under a general business policy...
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeStart Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial
-
Re Whiteley Insurance Consultants (A Firm)
... Chancery Division In re Whiteley Insurance Consultants (a firm) ... had a claim payable before the liquidation date, that claim was provable in the liquidation ... on the business in fact carried on by a company, not on whether it was authorised to do so; and ... [ 1999 ] Lloyd’s Rep IR 377 , CA Continental Assurance Co of London plc, In re (No 3) [ 1999 ... ...
-
Lloyd Christopher Biscoe v Graham William Milner
...section 213(2) IA 1986. 448 At [29], Roth J considered the judgment of Park J in Re Continental Assurance Co of London Plc (in liq.) [2001] B.P.I.R. 733, a wrongful trading claim under section 214 of the 1986 Act. Where such an application was made against more than one respondent, Park J r......
-
Stephen Paul Grant and Another v William Ralph Ralls and Others
...former class also suffers to the extent that the assets of the comp an y a re depl eted b y wron gf ul trading." 238 Likewise, in Re Continental Assurance plc [ [2001] BPIR 862 at 864, Park J considered the possible approaches to quantification of a wrongful trading claim. He rejected a cla......
- Re Continental Assurance Company of London Plc ((in Liquidation)) (No 4); Singer and another v Beckett and Others
-
Table of Cases
...1 WLR 953, [1995] BCC 634, [1995] 1 BCLC 440, CA 65, 70 Continental Assurance Co of London plc, Re; Singer v Beckett [2007] 2 BCLC 287, [2001] BPIR 733, [2001] All ER (D) 229 (Apr), ChD 363 Cornhill Insurance plc v Improvement Services Ltd [1986] 1 WLR 114, [1986] PCC 204, [1986] BCLC 26, C......
-
Application for a declaration that the director has been engaged in wrongful trading
...of the Insolvency Act 1986. 6 Morphitis v Bernasconi [2003] EWCA Civ 289, [2003] BCC 540. 7 Re Continental Assurance Co of London plc [2001] BPIR 733. 8 Sections 214(3) and 246ZB(3) of the Insolvency Act 1986. 364 Corporate Insolvency Practice functions by that director in relation to the c......