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In accordance with their powers under clause 63 of the Scheme, the Scheme Administrators have modified the provisions of Scheme following consultation with the Creditors’ Committee.

Modifications to the Scheme – 19 October 2016 :

4.2 The purposes of the Scheme are:

4.2.3 to allow the Company to pay a dividend to Scheme Creditors on their Admitted Scheme Claims in full and final settlement of those claims;

25.1 Each Scheme Creditor agrees that the payment of all dividends (including any deemed payment of dividends or dividends expressed to have been paid as advance dividends) under the Scheme shall be made and received in full and final settlement of the Company's Liability to that Scheme Creditor in respect of all Liabilities of the Company to it, apart from any Liability of the Company in respect of any Protected Claim or Protected Contingent Claim.

61.3 If the Scheme is terminated in accordance with this Clause 61 and the Company is or becomes subject to a Liquidation Event, the Company shall remain liable in the liquidation in respect of any Protected Claims or liabilities which may give rise to a Protected Claim but no Protected Policyholder shall have any right to any payment from the Company. The Scheme Claims of Scheme Creditors other than in respect of Protected Claims are subject to the compromise contained in Clause 25 above and Scheme Creditors whose claims are compromised under Clause 25 shall not be entitled to prove in a liquidation for the purpose of seeking payment in respect of any Scheme Claim.

Please refer to the Documents and Key Dates section for further information.

All capitalised terms on this website have the same meaning as given to them in the Scheme. The Company went into Provisional Liquidation on 17 June 2001 and has not written any insurance business since then. Prior to 17 June 2001, the Company wrote general insurance and reinsurance business mainly covering liability, property, motor and other insurance for the commercial and personal lines sectors.

Following meetings of Scheme Creditors on 1 June 2015, the Scheme was sanctioned by the High Court of Justice of England and Wales by an Order dated 9 July 2015. The Order of the High Court was lodged with the Registrar of Companies and the Scheme became effective on 13 July 2015. The Scheme Administrators are Mark Batten and Dan Schwarzmann of PricewaterhouseCoopers LLP. The Bar Date for submitting claims into the Scheme was 11 January 2016 and has now passed. The Scheme Administrators are currently reviewing the claims that have been submitted. The Scheme Administrators currently estimate that a dividend distribution may be made in the first quarter of 2017 and a further update on this estimated timescale will be provided nearer the time.

The FSCS has now taken over complete responsibility of all FSCS Protected Claims from 11 January 2016. The FSCS have awarded the contract for the handling of FSCS Protected Claims to Capita. For any queries regarding Protected Claims, please contact: Capita Insurance Services Limited Churchgate House 5th Floor Oxford Road Manchester M1 6EU Telephone Number: 0161 274 8600 Email:

Capita will continue to agree and process scheme claims (non FSCS Protected) against the IICL Estate on behalf of PwC. For any queries relating to the IICL Estate Scheme of Arrangement, please contact: IICL – SOA PO Box 5456 Manchester M61 0LE Telephone Number: 0161 274 8837 Email:

Please refer to the Documents and Key Dates section for further information.