BusinessBusiness RecoveryPwC delivers good news for Trinity creditors

PwC delivers good news for Trinity creditors

Payment percentage raised to 76.75%.

Creditors of Trinity Insurance
Company
have been boosted by news that scheme administrators from
PwC have announce that after consultation with
the Creditors’ Committee, the payment percentage to creditors has been raised to
76.75%.

The new figure was revealed by administrators Paul Evans and Nigel Rackham
who said this final payment percentage would see creditors benefiting from a
further 6.75% of their established liabilities above the current payment level
of 70%.

This payment will be the last for the Trinity scheme of arrangement and sees
the scheme successfully bought to a close.

Paul Evans said: ‘I am very pleased with the progress in bringing the Trinity
estate towards closure. This final percentage payment increase sees creditors
benefiting from a total of 76.75% of their established liabilities and is a
result which has been achieved much quicker through a cut-off scheme of
arrangement than it might have been through continuing a traditional run-off.’

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