Orbit Underwriting administration period extended

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Administrators hope to add to the £7.43m already raised from the firm.

Orbit Underwriting has had its administration period extended by a year.

Documents filed on Companies House revealed that administrators for the wholesale broker have set a new deadline of 1 November 2020. The administration period was originally due to end on 2 November 2019.

Administration proceedings are being overseen by CG & Co.

An administrator on the case told Insurance Age that the extension was solely to allow CG & Co more time to realise funds from the business.

The extension was granted with the support of Orbit Underwriting’s creditors.

Background
Orbit Underwriting entered administration in November 2018.

A progress report published by CG & Co in June 2019 revealed that administrators had managed to raise £7.43m from the firm.

However, the document also revealed that administrators were struggling to recover some funds from the business: “There is limited information available in the company’s records in respect of outstanding insurance premiums that were due to the company and held on trust for the underwriter.”

In July 2019, a legal dispute between XL Catlin and Orbit Underwriting was settled in the High Court.

XL Catlin had accused the firm, and directors Stuart Lowe and Lee Stevens, of misusing funds in a trust account.

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