Elite proposes solvency scheme to avoid liquidation
Gibraltarian insurer warns liquidation would be costly for creditors and could delay claims payments.
Collapsed Gibraltar-based insurer Elite Insurance has sent a letter to its brokers, creditors and coverholders, outlining its proposed solvency scheme.
Elite stated in the letter that it remains solvent and able to pay its liabilities in full. The scheme also provides a framework for an orderly run-off and solvent winding up, which avoids the appointment of a liquidator.
It warned that liquidation would be costly for creditors and could delay claims payments.
Legal expenses provider Elite
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