Enterprise Holdings administrators appointed; creditor payments halted

By Caroline Salls

Pittsburgh, Sept. 26 – Enterprise Holdings Ltd. said Stephen Leonard Conn and Jonathan Avery-Gee were appointed as administrators of the company by the High Court in England.

The company said its directors applied for the appointment of administrators to protect and safeguard its assets and business.

According to a company news release, the appointment confirmed that the center of main interest for Enterprise and jurisdiction for all applications affecting the company is now in the United Kingdom.

In light of competing interests potentially affecting the assets of Enterprise, the company said no payments will be made to any creditors or claimants while the administrators conduct their investigations into the company’s insolvency and what steps can be taken to maximize realizations for the benefit of all creditors.

This includes any interest payments due or becoming due to its bondholders, Enterprise added.

The company said the appointment of the administrators will allow time for it to review and restructure its operations without the threat of proceedings from any of its potential creditors.

Enterprise said its directors are aware of a potential erroneous legal action that has the possibility of deflecting resources from its attempts to restructure and reshape its business. The company noted that this action would have harmed the position of any potential creditors.

In addition, the company said the directors are “deeply concerned at the actions in Gibraltar by some of the agencies involved in the provisional liquidation of its subsidiary, Enterprise Insurance Co. plc.”

Enterprise said the administrators will take all necessary steps to engage with these agencies to ensure the interests of creditors are properly protected and will oversee the company’s continued efforts to restructure some or part of its business, including an attempt to deliver a managing general agent solution for its insurance business.

Based in Munich, Enterprise Holdings is an owner-led insurance firm with its main markets in the United Kingdom, France, Greece and Italy.

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