Stronghold Sets August 10, 2021 Bar Date
On February 11, both the Direct and General Creditor Schemes of Arrangement for Stronghold Insurance Company Limited (“Stronghold”) were sanctioned and became effective. The final claims bar date for ALL Direct Scheme Creditor claims (those issued directly to policyholders) is August 10, 2021, at 11:59 PM London time.
Certain Direct Scheme Creditors may be provided with an existing claim form if Stronghold already has record of their claims, but all others will need to submit a new claim form. The claim form should be accompanied by supporting documentation in accordance with the guidance laid out in the scheme of arrangement.
Stronghold has been in run-off since 1985 and was declared insolvent and placed in administration on June 27, 2019, following a failed solvent scheme of arrangement bid. All business included in the Direct Scheme is believed to have been written under the Stronghold name. For more information, please see PWC’s Stronghold website.
Home Insurance Company Sets Final Claims Amendment Deadline
On January 28, the Superior Court of Merrimack County in New Hampshire approved the liquidator’s motion to set a final claim amendment deadline for the Home Insurance Company. Creditors will have until June 28, 2021 to file their final amended proofs of claims or new proofs of claims to the liquidator. New proof of claim submissions must include information on why the late filing of such claims should be excused.
The original proof of claim filing deadline was June 13, 2004. To date, Home has made interim distributions totaling 30% of agreed claims to Class II (policyholder) creditors. The purpose of the final claims amendment deadline is to facilitate the resolution of all unresolved Class II claims in order to calculate a final distribution percentage. For more information, please see the liquidation website. Certain parties in the liquidation have objected to the court’s order and we will continue to monitor for any changes or postponements to the deadline.
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Nick Sochurek has extensive experience in leading complex insurance policy reviews and analysis for a variety of corporate policyholders using relational database technology.Learn More About Nicholas