Reminder: Stronghold Bar Date Set for August 10, 2021
This is a reminder that 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. Both the Direct and General Creditor Schemes of Arrangement for Stronghold Insurance Company Limited (“Stronghold”) were sanctioned on February 11th and became effective at that time.
Certain Direct Scheme Creditors may have been 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.
Update on The Home Insurance Company’s 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. Subsequently, several creditors objected, culminating in a joint appeal to the New Hampshire Supreme Court on certain issues. We understand that the order establishing the deadline is currently stayed while the Supreme Court considers whether to take up the appeal. If the Supreme Court decides not to hear the appeal, the liquidator will have 30 days to notify creditors of the new final claims amendment deadline, which is expected to be at least 150 days from the date of the denial of the appeal. We will continue to monitor and report back on developments as soon they become available.
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 open Class II claims in order to calculate and pay a final distribution. New proof of claim submissions must include information on why the late filing of such claims should be excused. For more information, please see the liquidation website.
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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