GLM
Pool - General FAQs |
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Frequently Asked Questions
1 What is the current timetable of key elements?
2 What happens next?
3 What can I do if I wish to make amendments to my
Claim Form?
4 When will payment be made?
1 What is
the current timetable of key elements?
KEY DATES
| Ascertainment
Date |
31 December
2006
|
|
|
| Issue Practice
Statement Letter |
7 April 2006
|
|
|
| Leave to
Convene Application |
12 December
2006
|
| Issue Scheme
Document, Proxy and Voting Forms
|
19 December
2006
|
| Date for Proxy
and Voting Forms to be returned
|
23 February
2007
|
| Scheme Meetings
|
28 February
2007
|
| Court Hearing
to sanction the Scheme
|
9 July 2007
|
| Hearing of the
application for a permanent injunction pursuant to Chapter 15 of the United
States Bankruptcy Code
|
15 August 2007
|
|
|
| Effective Date
of the Scheme
|
10 July 2007
|
| Final Claims
Submission Date
|
25 January 2008
|
| Estimated
commencement date of payment to Scheme Creditors *
|
3rd quarter of
2008
|
2 What happens next?
After the Final Claims Submission Date PRO will begin issuing Calculation
Notices to Scheme Creditors whose Scheme Claims have been agreed. The
Calculation Notice shows the total amount of a Scheme Creditors Agreed Claims
along with the value of any discounts applicable. It will, where appropriate,
show the calculation of any outwards reinsurance, or Scheme Debt, that is to be
set off.
3 What can I do if I wish to make amendments to my Claim Form?
There is no provision in the Scheme Document for Scheme Creditors to alter the
value on their Claim Form after the Final Claims Submission Date. The Scheme
Manager is therefore unable to accept amendments to a Claim Form.
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4 When will payment be made?
All payments pursuant to the Scheme shall be made by cheque to the Scheme
Creditor to the last address of the Scheme Creditor known to the Scheme
Manager. At the request and expense of the Scheme Creditor payment may be made
by telegraphic transfer to such bank account as the Scheme Creditor may notify
to the Scheme Manager. Any amounts payable to a Scheme Creditor under the
Scheme in respect of an Established Liability which was incurred in Pounds
Sterling, US Dollars or Euros shall be paid in Pounds Sterling, US Dollars or
Euros as the case may be. Scheme Liabilities which were incurred in any other
currency shall be paid in Pounds Sterling, converted at mid-market rate of
exchange for that particular currency quoted in the FT appearing two business
days before the date of payment under the Scheme.
Payment will be made as soon as reasonably practical following the date when
the Calculation Notice becomes binding. The date of the Calculation Notice
being issued may vary from Scheme Creditor to Scheme Creditor.
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