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Insurance and Reinsurance Group: Solvent Schemes of Arrangement - A Class Act

1 August 2007
Mayer Brown Article
The issue of "class" of creditor is the most likely ground for objection by policyholders and/or cedants to a proposed solvent scheme of arrangement and a basis on which the court may conclude that it does not have jurisdiction to sanction the scheme. The question of what is a "class" of creditor goes back to the judgment of Bowen LJ in the 1892 case of Sovereign Life Assurance Company v. Dodd. In that case, the court concluded that the key test for determining whether or not one class of creditor was sufficient was that the meaning of the word "class":
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