HC Deb 28 May 1976 vol 912 cc472-3W
Mr. Ovenden

asked the Secretary of State for Trade when he expects the policyholders of London Indemnity Insurance to receive payments from the liquidators and/or the Policyholders Protection Fund.

Mr. Clinton Davis

The Official Receiver is the provisional liquidator of London Indemnity and General Insurance Company Limited pending the hearing of the petition for the compulsory winding-up of the company. With the leave of the court he is making payments to the policyholders under the terms of an indemnity on behalf of a consortium of life offices. A scheme of arrangement aimed at implementing proposals of the consortium for the benefit of policyholders is in course of preparation and as soon as possible the directions of the court will be sought in relation to the scheme.

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