CASE STUDIES | International Insolvency Plan Proceedings
A British life insurance company operating in Germany via a branch office attempted to restructure claims for damages in respect of over 4,000 German policyholders through a ‘Solvent Scheme of Arrangement’ under the Companies Act 1985 (Section 425) in the United Kingdom.
Support for proceedings before the High Court of Justice in London. Petition to the EU Parliament in Brussels led to the establishment of a payment scheme in Great Britain.
200 Germany-wide trials led to a landmark decision by the German Federal Court of Justice. Comprehensive settlement for all clients.