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Globale Reuckversicherungs Ag
GLOBAL Re First German Company to Receive Approval of Scheme of Arrangement According to Anglo-Saxon Law
December 27th, 2008
On 10 December, the relevant British court approved the first ever Solvent Scheme of Arrangement ("Scheme") proposed by a German reinsurer. GLOBAL Reinsurance Company received authority to commute within a short period a specific part of its business which is in runoff. Over 900 creditors involved in the reinsurance treaties included in the Scheme will now benefit from a six month period during which they can assert their claims. In Great Britain, and in other countries with common-law jurisdiction, Schemes are set up as a method of composition agreement in which a company seeks with all or specific groups of its creditors to...
Source: Law & Health Weekly (2008-12-27)
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