Ansvar Insurance Limited announced it was withdrawing from New Zealand in November 2011. As part of ensuring a fair, managed process for finalising all outstanding claims, ACS is now operating under a Scheme of Arrangement.
This has been put in place to protect the interests of claimants, and is part of our commitment to ensuring as fast and efficient a claims settlement process as possible. It means that if, under certain circumstances such as the company becoming insolvent, certain procedures for managing the company and settling claims would be followed. It is believed that this will result in better outcomes for claimants (who are called Creditors under the Scheme) than the alternative, which would be insolvent liquidation.
The Scheme became effective on 20 June 2012.
The company is currently in an “Initial Scheme Period”, meaning it is continuing normal day to day operations. It is business as usual. If the scheme is triggered, ACS will write to inform Creditors and advise them of the implications.
Core documentation relating to the Scheme is available by clicking on the links below.
- Explanatory Statement
- Scheme of Arrangement
- Frequently Asked Questions about the Scheme of Arrangement
- Final orders of the Honourable Justice Venning approving an arrangement under Part 15 of the Companies Act 1993 (sealed)
- A copy of the Trust Deed
- A copy of the High Court Judge’s decision
- A signed copy of the declaration on the resolution and the appointment of an Initial Creditors’ Committee
If you have any questions relating to the proposed Scheme of Arrangement, please contact us on 0800 246 011 or email CSOA@acsclaimsservices.co.nz.