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Tokio Marine Europe Insurance Limited (TMEI)

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  General FAQs

Frequently Asked Questions

1 What is a Scheme of Arrangement?

2 What is the current timetable of key elements?

3 What action should I take now?

4 What happens next?


1 What is a Scheme of Arrangement?

A scheme of arrangement of the type being proposed by TMEI is a compromise or arrangement provided by Part 26 of the Companies Act 2006, to take effect between a company and its creditors (or any class of them). Such a scheme of arrangement becomes legally binding on the company and on all the creditors to whom it applies if:

  • a majority in number representing not less that 75% in the value of each class of creditors, present and voting in person or by proxy, vote in favour of it at meetings convened by the permission of the Court;


  • the Court subsequently makes an order sanctioning the scheme;


    • and a copy of the order of the Court to that effect is delivered to the Registrar of Companies in England and Wales.

    Subject to the TMEI Scheme becoming effective, it will bind TMEI's Scheme Creditors irrespective of whether and how they voted at the Meeting.

    2 What is the current timetable of key elements?

    TMEI intends to apply to the High Court at the Royal Courts of Justice, Strand, London, WC2A 2LL, United Kingdom, no earlier that the fourth quarter of 2009, (the "Court Hearing") for permission to convene the Creditors' Meeting. The date of the Court Hearing will be confirmed on the website at www.TMEISCHEME.com. Formal notice of the Creditors' Meeting will be sent in due course.


    3 What action should I take now?

    If any potential Scheme Creditor has concerns, they should write, fax or e-mail us, using the contact details (Contacts), as soon as possible and, in any event, no later than seven days prior to the date of the Court Hearing (which will be notified on the website).

    Any concerns which Scheme Creditors communicate in writing to us on this issue will be drawn to the Court's attention at the Court Hearing. Scheme Creditors also have the right to attend the Court Hearing for the purpose of making representations.

    Please note that if the Scheme is approved at the Creditors' Meeting, it will be possible for Scheme Creditors to raise objections on the question of classes at the subsequent Court hearing to sanction the Scheme. However, were this to be the case, the Court is likely to expect creditors to show good reason why they did not object at an earlier stage.


    4 What happens next?

    If leave to convene the Creditors' Meeting is granted, the Creditors' Meeting will be convened and the Scheme Creditors will be sent the following:

    1. Notice convening the Creditors' Meeting
    2. Proxy and Voting Form; and
    3. confirmation that all documentation relevant to the Scheme will be available for download from the website at www.TMEISCHEME.com. Hard copies of this information will also be available on request from PRO as per the contact details on the Contacts page.

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    Registered Office: Tokio Marine Europe Insurance Limited, 150 Leadenhall Street, London, EC3V 4TE
    Registered No:      989421