Lloyd's issues writs on names
Saturday 27 May 1995
However, there has been an immediate climbdown by the market over a writ issued against Flight Lieutenant Harold Selway, a name who says he has already paid everything he can to the market.
More writs are expected to follow in the next few days, with the total number being sued rising to 25. Lloyd's has said that the writs are being issued as a last resort. A spokesman said: "We have explored every other avenue to settle these debts amicably."
The action against the names represents an about-turn of a policy introduced at Lloyd's in late 1992 when Peter Middleton was appointed chief executive. He then announced a moratorium on further legal actions to recover debts.
Since then the level of nonpayment by names has escalated to a point that it is now threatening the ability of the market to continue trading.
On Tuesday Lloyd's announced a rescue package designed to restructure and refinance the market.
Christopher Stockwell, chairman of the Lloyd's names associations working party, said: "It is disgraceful that at a time they are trying to negotiate a settlement they take this action to sour the climate."
On the climbdown over Flight Lieutenant Selway's writ, Mr Stockwell said: "This shows what a mess they are making of this."In the past Lloyd's has said that it has received support for pursuing those that can't pay by thousands of names who have met their share of the losses.
- 1 Mario Balotelli: Staff at arson-hit Manchester Dogs' Home convinced Liverpool striker is behind five-figure donation
- 2 There is literally not a single woman in this iPhone 6 queue
- 3 Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
- 4 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
- 5 Scottish independence referendum: JK Rowling, Russell Brand, Nigel Farage and more react to the 'No' vote
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Scottish independence referendum results: David Cameron pledges plans for 'English votes for English laws' by January
Scottish independence live: Scotland gives a clear 'No' in historic referendum - as it happened
Scottish referendum results: David Cameron set to unveil major devolution of powers to England
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...