Following the cessation of underwriting on 31 December 2002, the Directors of Colonia Insurance (Ireland) Limited proposed that the Company enter into a Scheme of Arrangement with Scheme Creditors under Section 201 of the Irish Companies Act, 1963.
The Scheme was sanctioned by an Order of the Irish High Court at a hearing on 15 March 2005 and the claim submission period (the Bar Date) expired on the 19 June 2005. All Scheme Creditors claims have now been settled and consequently the Scheme has been completed, that is, Final Implementation as defined by Section 8 of the Scheme, has been achieved as of 8 November 2006.
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