Ontario · Winding-up (WURA)
May 2010 Court Report
Court officer report · 10 May 2010
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What we verified from this filing14 verified
- applicantTHE ATTORNEY GENERAL OF CANADA
- courtONTARIO SUPERIOR COURT OF JUSTICE - COMMERCIAL LIST
- court file no85-REOOI780-0000
- proceeding typewura_winding_up
- statutory basisCANADIAN AND BRITISH INSURANCE COMPANIES ACT, R,S.C. 1970, c. 1-15, as amended
- unsecured creditorsnote: Priority class (c) under WURA, ranks below policyholders and post-1986 Industry-Funded Expenses; paid 100 cents on the dollar by fourth interim distribution (1996) · page: 9 · basis: Ordinary creditor claims as reported; call for claims totalling approximately $131 million filed (policyholders and ordinary creditors combined) · debtor: Northumberland General Insurance Company · creditor: Included Ordinary Creditors (ordinary creditors of Northumberland other than U.S. Branch Ordinary Creditors) · currency: CAD
- unsecured creditorsnote: Lowest priority class (d) under WURA Part III; paid 100 cents on the dollar principal by fourth interim distribution (1996) · page: 11 · basis: Statutory priority claim as reported · debtor: Northumberland General Insurance Company · creditor: Her Majesty the Queen in right of Canada (Industry-Funded Expenses, pre-April 1, 1986) · currency: CAD
- unsecured creditorsnote: Comprised of corporations and insurers that Northumberland reinsured; reserve includes adjusting/defence costs and adverse development provision · page: 18 · as of: 2010-01-31 · basis: Reserve for known unsettled claims as reported · amount: 5300000 · debtor: Northumberland General Insurance Company · creditor: Known unsettled policyholder/reinsured claims · currency: CAD
- unsecured creditorsnote: Contingent claims reserve component; Liquidator used filed claim amounts conservatively without assessing merit · page: 18 · as of: 2010-01-31 · basis: Reserve based on amount of filed contingent claims, as reported by Liquidator without judgment on value · amount: 14000000 · debtor: Northumberland General Insurance Company · creditor: Contingent claims (17 claims filed by three policyholders) · currency: CAD
- unsecured creditorsnote: Component of outstanding policy claims reserves as at January 31, 2010 · page: 18 · as of: 2010-01-31 · basis: Reserve as reported for unclaimed dividends · amount: 5500000 · debtor: Northumberland General Insurance Company · creditor: Unclaimed dividends (policyholders who cannot be located) · currency: CAD
- financial positionnote: Report states outstanding policy claims reserves totalling $19.3 million (known unsettled $5.3M + contingent $14M) plus unclaimed dividends of $5.5 million as at Jan 31, 2010; total Proposed Distribution is $13.7 million; following distribution $51.1 million will remain in Canadian Estate, of which $24.4 million is surplus over remaining claims reserves. No consolidated total assets/liabilities balance sheet figure is stated on these pages. · page: 21 · as at: 2010-01-31 · basis: Liquidator's Report estimate, reserves and surplus figures as reported (not a full balance sheet) · scope: Canadian Estate of Northumberland General Insurance Company (excludes U.S. Branch and Regulation 41 Trust Funds administered separately by New York Superintendent) · currency: CAD
- unsecured creditorsnote: Priority class (a), ranks ahead of ordinary creditors and Her Majesty's Industry-Funded Expenses claims under WURA Part III; paid 100 cents on the dollar cumulatively by third interim distribution · page: 21 · basis: Priority claims for loss/unearned premiums as reported · debtor: Northumberland General Insurance Company · creditor: Included Policyholders (policyholders of Northumberland other than Regulation 41 Claimants and U.S. Branch Policyholders) · currency: CAD
- unsecured creditorsnote: Priority class (b) under WURA Part III; interest thereon of approximately $367,459.00 to date of distribution (assuming June 2010) also proposed; interest claim subordinated to Included Policyholders/Ordinary Creditors per settlement · page: 22 · as of: 2010-01-31 · basis: Statutory priority claim as reported in Liquidator's Report (proposed sixth interim distribution) · amount: 2253286.98 · debtor: Northumberland General Insurance Company · creditor: Her Majesty the Queen in right of Canada (Industry-Funded Expenses, post-March 31, 1986) · currency: CAD
- recovery outcomeentries: basis: actual · quote: On November 1, 1989, this Court approved the payment of a first interim dividend of 15t on the dollar on policy claims against Northumberland. · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: liquidator · cumulative: false · class label: Included Policyholders (first interim dividend) · interim final: interim · cents on dollar: 15 · claims qualifier: unstated; basis: actual · quote: On December 7, 1990, this Court approved the payment of a second interim dividend of 25t, bringing the cumulative interim distribution paid on these claims to 40t on the dollar. · pct of: unstated · outcome: distribution · pct low: 40 · pct high: 40 · class key: unsecured · stated by: liquidator · cumulative: true · class label: Included Policyholders (second interim dividend, cumulative) · interim final: interim · cents on dollar: 40 · claims qualifier: unstated; basis: unstated · quote: payment of an amount equal to 5% of the allowed claims of the Included Policyholders and Included Ordinary Creditors of Northumberland, on account of post-liquidation interest on such claims. · pct of: allowed_claims · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: liquidator · cumulative: false · class label: Included Policyholders and Included Ordinary Creditors (fifth interim distribution, post-liquidation interest) · interim final: unstated · claims qualifier: unstated · stated on: 2010-05-10 · table missing: