Notice 1: resort to litigation, the moratorium & costs.
IMS, QuickSure & the Administrators are working with protected insurance policy claimants (the “Claimants”) lawyers & the like to ensure that all claims are admitted, & paid in accordance with insolvency statute & regulation. Elsewhere within this website, the specific moratorium & claim procedures are described. The Administrators are surprised at the number of lawyers who seem to fail to adhere to the prescribed procedures, more especially but not limited to the moratorium. Failure to so adhere increases costs & reduces net dividends to all stakeholders. It is to be hoped that lawyers claiming to represent QuickSure claimants, will familiarise themselves with insolvency statute & regulation. Further, it must be presumed that any such lawyer will have considered this website. Should any lawyer instigate proceedings, contrary to the moratorium, the Administrators will apply for strike-out in accordance with the moratorium & additionally for costs thereto; further & if appropriate a wasted costs order will be sought on the basis that the lawyer, knowingly or negligently, acted in contravention of the moratorium.
Notice 2: timeframes for payment to Claimants with costs thereto & such claimant details.
Claimant payments need several sets of regulated approvals & transfers to & from protected accounts, with those approvals & transfers being batch processed on a monthly basis. Further in some cases reinsurance monies need to be collected before payment can be considered: it is axiomatic that QuickSure has limited funds & cannot pay out, before it receives. Consequently it may take months from the 1st stage (the Administrator protected insurance policy claim admittance) to the final stage (the Claimant &/or the Claimant’s lawyer receiving payment). The Administrators admittance of such a claim is not a court judgement, nor is it akin to Part 36, to which court deadlines apply. Lawyers advising Claimants should ensure that their traditional PI advice is framed within an insolvency context. Claimant protected lawyer costs are limited: in short not all lawyers costs are protected & hence will be recovered as such by lawyers. In particular chasing up Claimants payments will not be a protected cost. Given the protected nature of the payments, payments should be made to regulated client accounts. To ensure timely payments, lawyers should provide the correct account details to the Administrators. Given the provision of incorrect account details, in larger payments, the Administrators may require that a minimal initial test payment be made to the nominated account.
Notice 3: relevant insolvency statute & regulation.
It is hoped that lawyers representing Claimants will familiarise themselves with insolvency statute & regulation, to ensure that their traditional PI advice is framed within an insolvency context. In order to assist that familiarisation, relevant insolvency statute & regulation is reproduced below. Should your browser so allow, the material is in a searchable pdf format.