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You are here: Home / Archives for Week's Best Posts

Week's Best Posts

SPECIAL FOCUS: solvent schemes of arrangement

August 1, 2006 by Carlton Fields

Solvent schemes of arrangement are processes through which solvent companies may commute all policies within the purview of the scheme, effecting a voluntary dissolution or clean reorganization with a relatively short tail. Found predominantly in the UK, they have been subject to some recent court decisions, which have included jurisdictional questions, such as whether such schemes can be imposed where some creditors or policy holders are domiciled in the US or other countries. They are controversial with US companies since they effect a reorganization outside bankruptcy laws or “traditional” US insurance rehabilitation/liquidation proceedings:

  • This process is described by PriceWaterhouse Coopers and Marsh Risk Consulting in special papers found on their web sites.
  • PWC has compiled a guide to specific schemes of arrangement, which describes actual schemes of arrangement administered in the UK.
  • Rhode Island is the first US jurisdiction to adopt a statutory structure providing for such a process, which can be utilized only by companies domiciled under Rhode Island law. Since its adoption in 2002, there have not been any reported court opinions relating to the Rhode Island statutes.  There has been some speculation as to whether the availability of this “abbreviated” form of reorganization might prompt run-off companies, or those preparing to enter a run-off mode, to re-domicile in Rhode Island. 

Filed Under: Reinsurance Claims, Reorganization and Liquidation, Special Focus, Week's Best Posts

Motion to vacate arbitration award rejected as untimely

July 31, 2006 by Carlton Fields

In an unreported opinion (not available on PACER) not involving reinsurance, the Second Circuit affirmed the rejection of a motion to vacate an arbitration award, where the motion was served within the three month period required by the Federal Arbitration Act (“FAA”) for service of such a motion, but was filed one day after the 90 day period expired for filing such a motion under applicable New York law. The Court found that since the FAA contained a service deadline, but not a filing deadline, it was appropriate to apply the filing deadline contained in New York state law, illustrating the importance of being cognizant of both service and filing deadlines. Hakala v. J. P. Morgan Securities, Inc., Case No. 05-3140 (2d Cir. June 21, 2006).

Filed Under: Arbitration Process Issues, Week's Best Posts

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