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Wednesday, June 13, 2012

ANSVAR insurance update

Ansvar Insurance, now ACS (NZ) Limited, has put a brief statement on their website concerning the decision reached at the meeting of creditors to consider a Scheme of Arrangement. The statement reads:
ACS (NZ) Limited creditors have voted in support of the company establishing a contingent Scheme of Arrangement.
At a meeting in Christchurch on Tuesday 12 June 2012, ACS received the required support to establish the Scheme both by number of people voting and by value of the claims they represented. Click here to download a signed copy of the declaration on the resolution and the appointment of an Initial Creditors’ Committee.
An application for sanctioning of the Scheme will take place in the High Court in Auckland on Tuesday 19 June.
Information about the scheme, including the Reserve Bank's analysis of it, can be downloaded from the website here.

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