East West Insurance Company Limited (in Administration) ("the Company" or "EWIC")
On 12 October 2020 Richard Barker and Simon Edel of EY were appointed as Joint Administrators of East West Insurance Company Limited (“the Company” or “EWIC”). The appointment was made by the High Court following an application under the provisions of paragraph 12(1) (b) of Schedule B1 to the Insolvency Act 1986.
Latest update from the Joint Administrators to all known creditors
Please refer to the latest progress report dated 9 November 2022 that is included below. This report covers the period from 12 April 2022 to 11 October 2022 and should be read in conjunction with the Joint Administrators’ Statement of Proposals dated 3 December 2020 (“the Proposals”), the Joint Administrators’ initial fee estimate and details of expenses dated 3 December 2020, and the Joint Administrators’ first, second and third progress reports dated 10 May 2021, 11 November 2021 and 10 May 2022 respectively. All these documents are provided in the “Administration documents” section below.
If you require any further information or assistance, please consult the FAQs provided in the “Administration documents” section below or contact us at team@east-west-insurance.com.
The Financial Services Compensation Scheme ("FSCS")
The FSCS protects UK policyholders, generally individuals or small businesses, who are eligible to claim under the Policyholder Protection Rules. Based on the Administrators’ current understanding of the Company’s policyholders, it is expected that a significant number will meet the FSCS’ eligibility rules.
Further to an amendment to the Policyholder Protection Rules on 8 October 2020, building guarantee policyholders protected by the FSCS scheme will receive compensation at 100% of EWIC’s liability for claims.
Further details can be found on the FSCS website at fscs.org.uk/what-we-cover/insurance/
Media
All media enquiries are directed to contact Seetle.Dool@uk.ey.com.
