Schemes face uncertain future after shock Scottish Lion ruling
The ability of solvent UK insurers to finalise their liabilities through schemes of arrangement is in question, after a Scottish court appeared to rule that they should not be sanctioned unless creditors unanimously vote in favour of the proposals.
In his 10 September ruling, Lord Glennie said: "In a situation where the company is sound financially, why should one group of creditors who might wish to enter into a commutation agreement with the company be entitled to force other creditors...
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