Re Continental Assurance Company of London Plc ((in Liquidation))
| Jurisdiction | England & Wales |
| Court | Chancery Division |
| Judgment Date | 18 December 1999 |
| Date | 18 December 1999 |
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...
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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......
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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......
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Stacks Living Ltd v Balvinder Shergill
... ... Hassanali Abdulali and Neil James Dingley (in their capacity as the Joint Liquidators of the 1 ... MATTER OF STACKS LIVING LIMITED (In Liquidation) AND IN THE MATTER OF STAFFS FURNISHING ... of Justice 7 Rolls Buildings London EC4A 1NL ... Mr James Fagan ... in real terms … [as] … a successor company ”. Mr Fagan, for the Applicants, described it ... having been delayed (see Re Continental Assurance Co of London Plc [2001] BPIR ... ...
