Lloyd's `refuseniks' take case to appeal
Wednesday 10 June 1998
Leading Names - the individual investors who have traditionally supported the market - admit they are pessimistic about the chances of success. They have refused to pay money owed since October 1996 to help fund the establishment of Equitas on the grounds they did not agree with it.
Lloyd's has been forced to take out a pounds 300m syndicated loan to finance Equitas, the reinsurance vehicle into which its liabilities prior to 1992 have been placed.
Lloyd's has already won a judgment on a "pay now, sue later," basis against the Names, and in March Lord Justice Tuckey refused them leave to appeal.
But next week the Names will urge the Court of Appeal to let them be heard. If they win, the case will proceed immediately, but if they lose, Lloyd's will start seizing assets both here and abroad.
A Lloyd's spokesman was confident its arguments were strong, saying: "All the documentation is in place so that we can proceed with debt collection as soon as the court allows."
When the Lloyd's market was restructured two years ago there was pounds 600m outstanding from Names who refused to pay up. So far it has collected pounds 75m but says it never expected to bring in more than pounds 300m of the pounds 600m.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 Watch: Man takes selfie every mile of 2,600 mile hike, creates amazing timelapse video
- 4 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...