TTI Part VII Transfer
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
COMPANIES COURT (ChD)
IN THE MATTER OF TT CLUB MUTUAL INSURANCE LIMITED
AND IN THE MATTER OF UK P&I CLUB NV
AND IN THE MATTER OF PART VII OF THE FINANCIAL SERVICES AND MARKETS ACT 2000
NOTICE IS HEREBY GIVEN that on 27 May 2021 TT Club Mutual Insurance Limited (‘TTI’) and UK P&I Club NV (‘UKNV’) applied to the High Court of Justice of England and Wales pursuant to section 107(1) of the Financial Services and Markets Act 2000 (‘FSMA’) for:
1. an Order sanctioning an insurance business transfer scheme providing for the transfer to UKNV of certain of the insurance and reinsurance business of TTI (the ‘Scheme’); and
2. an Order making ancillary provisions in connection with the Scheme pursuant to section 112 of FSMA.
If you are in any doubt as to whether your policy is affected by the proposed transfer or if you are a policyholder and have any questions about the proposed transfer, please contact TTI by email at email@example.com. Alternatively, you can write to ‘TTI Part VII Transfer’ at 90 Fenchurch Street, London EC3M 4ST or call +44 (0)20 7283 4646 between 10am and 4pm UK time.
Copies of a report on the terms of the Scheme prepared by an independent expert as required under section 109 of FSMA, a summary of that report and a statement setting out the terms of the Scheme can be obtained free of charge from TTI’s office at 90 Fenchurch Street, London EC3M 4ST between 10am and 4pm UK time, or on TTI’s website at https://www.ttclub.com/ (downloads below) or UKNV’s website at https://www.ukpandi.com/ or by sending an email to firstname.lastname@example.org, writing to the ‘Part VII Transfer’ address given above or calling the telephone number given above.
UKNV is regulated by the De Nederlandsche Bank NV and the Dutch Authority for the Financial Markets. If (i) the Scheme is approved, (ii) you meet the criteria to benefit from the dispute resolution services provided by the U.K. Financial Ombudsman Service (‘FOS’) and (iii) your policy transfers to UKNV, you will maintain the right to bring a complaint to the FOS in relation to the acts and omissions of TTI prior to the Scheme taking effect but you will not have any such rights in relation to the acts and omissions of UKNV from the Scheme taking effect. The qualifying criteria to bring a complaint to the FOS can be viewed at https://www.financial-ombudsman.org.uk/faqs/using-service.
The application is directed to be heard before a Judge of the Business and Property Courts of the High Court at The Rolls Building, 7 Rolls Buildings, Fetter Lane, London, EC4A 1NL on 9 September 2021. If approved by the Court, it is proposed that the Scheme will take effect at 24:00 hours Greenwich Mean Time on 30 September 2021. Any person who alleges that he, she or it would be adversely affected by the carrying out of the Scheme is entitled to appear at the hearing and/or to make representations in person and/or to instruct someone to appear at the hearing and make representations on his, her or its behalf and/or to make written representations about the Scheme without appearing at the hearing.
If anyone intends to appear at the hearing in person, or to instruct someone to appear on their behalf at the hearing, we would request that he, she or it give notice of their intention to do so setting out the reasons why he, she or it would be adversely affected. In addition, any person may make written representations about the Scheme without appearing at the hearing (or without instructing someone to appear on their behalf at the hearing). Such notices and representations should be sent to TTI and UKNV in writing by email to email@example.com or by post to the ‘Part VII Transfer’ address given above, or they can be given over the telephone by calling the telephone number given above, in each case as soon as possible and no later than close of business on 26 August 2021. All representations will be provided to the Court at the hearing.
DATED this 27th day of May 2021
Reed Smith LLP
The Broadgate Tower
20 Primrose Street
Tel: +44 (0)20 3116 3000
Solicitors for TTI and UKNV
TTI UKNV Transfer Supplemental Report FINAL 1 MB
Proposed Scheme Document 401 KB
REDLINE TTI to UKNV Transfer Scheme Document updated 233 KB
TT to UKNV Transfer - Letters to Policyholders re change to Effective Date and postponement 275 KB
IE Report 1 MB
Scheme Summary and IE Report Summary 581 KB
Frequently Asked Questions 128 KB
You may also be interested in:
TT Club addresses key issues ahead of a key IMO safety sub-committee
TT to UKNV Transfer - Sealed Sanction Order
Download the Sealed Sanction Order in relation to TT Club Mutual Insurance Limited ('TTI') and UK P&I Club NV ('UKNV')'s application to the High Court of Justice of England and Wales pursuant to section 107(1) of the Financial Services and Markets Act 2000 ('FSMA').
We are writing to notify you that the hearing to sanction the insurance business transfer scheme (the 'Scheme') providing for the transfer of certain of the insurance and reinsurance business (comprising policies, assets and liabilities) of TT Club Mutual Insurance Limited ('TTI') to UK P&I Club NV ('UKNV') ('Transfer') proposed to be held on Thursday 9 September 2021 has been postponed to Monday 27 September 2021.