The Final Scheme of Arrangement is now effective. Eligible Scheme Creditors have been issued an Early Final Dividend Offer which allows for a significantly accelerated final payment, assuming a Notice of Effect is issued.
To accept the Early Final Dividend Offer, Eligible Scheme Creditors must access the Creditors’ Early Final Dividend Portal and review and sign the agreement online.
Please see below a timeline of the key events in the OIC Run Off Process.
1992: OIC and L&O stop writing new business and enter run-off.
21 October 1994: Joint provisional liquidators appointed to manage the Companies in run-off.
7 March 1997: Original Scheme is implemented to manage claims under the initial run-off arrangement.
14 January 2016: The Amending Scheme becomes effective, setting a Bar Date for claims at 12 Sep 2016.
29 May 2025: Final Scheme becomes effective – The Final Scheme is only applicable to Scheme Creditors with Qualifying ILU Policies and who opted out of the Amending Scheme.
July 2025: Early Final Dividend Offer made to Eligible Scheme Creditors.
September 2025: Eligible Scheme Creditors are encouraged to accept the Early Final Dividend Offer by the end of September in order to secure payment in 2025 (assuming a Notice of Effect is issued).
14 November 2025: Deadline for Eligible Scheme Creditors to accept the Early Final Dividend Offer
Late 2025/early 2026: Final payments to Eligible Scheme Creditors that accept the Early Final Dividend Offer (assuming a Notice of Effect is issued).
31 December 2035: Final Scheme Bar Date — last day that new claims can be submitted under the Final Scheme.
2038: Final Dividend to be paid to Scheme Creditors that do not accept the Early Final Dividend Offer.