KSFIOM Liquidator 3 Dec 15: update - assignment of claims

Category: Newsflash

Important news for Life Company bondholders ...

"The ability to assign claims is an issue which has been raised regularly, both by life companies and policyholders. The legal position in the Isle of Man is that an assignment requires a Court Order before it can be put into effect. The process of obtaining a Court Order can be costly and this has acted as a barrier to creditors who want to simplify their affairs.

In order to assist the life companies and their policyholders, I have applied to Court and have received an Order which permits me to accept assignments from the life companies without the need for a Court Order. This Order does not compel the life companies to agree to requests from their policyholders for assignment, nor does it oblige me to approve them, however it does remove the final costly step from the assignment process."

Mike Simpson
Liquidator

See update here

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