Mon Nov 22, 2021 7:07 am

Molto Verboso
px 200, lxv 125
Joined: 14 Aug 2012
Posts: 1101
Location: Glasgow
 
Molto Verboso
px 200, lxv 125
Joined: 14 Aug 2012
Posts: 1101
Location: Glasgow
Mon Nov 22, 2021 7:07 am linkquote
Got an odd email today telling me MCE Insurance has gone into administration. Just a heads up encase you get a great quote from them. According to the email it will not effect existing policy holders
Mon Nov 22, 2021 7:11 am

Moderaptor
The Hornet (GT200, aka Love Bug) and 'Dimples' - a GTS 300
Joined: 26 Aug 2007
Posts: 40425
Location: Pleasant Hill, CA
 
Moderaptor
The Hornet (GT200, aka Love Bug) and 'Dimples' - a GTS 300
Joined: 26 Aug 2007
Posts: 40425
Location: Pleasant Hill, CA
Mon Nov 22, 2021 7:11 am linkquote
Existing insurance policies remain in force and are valid. If you are a policyholder of the company then your policy will continue to be administered by the UK broker MCE UK.
Mon Nov 22, 2021 10:21 am

Ossessionato
2013 Vespa 300 Super, 2007 Burgman 400
Joined: 30 Mar 2014
Posts: 2262
Location: Minneapolis USA
 
Ossessionato
2013 Vespa 300 Super, 2007 Burgman 400
Joined: 30 Mar 2014
Posts: 2262
Location: Minneapolis USA
Mon Nov 22, 2021 10:21 am linkquote
Pardon my lack of understanding of what going into administration means in the UK.

Does that mean they are insolvent, broke or bankrupt?

Bob Copeland
Minnesota
Mon Nov 22, 2021 11:44 am

Moderaptor
The Hornet (GT200, aka Love Bug) and 'Dimples' - a GTS 300
Joined: 26 Aug 2007
Posts: 40425
Location: Pleasant Hill, CA
 
Moderaptor
The Hornet (GT200, aka Love Bug) and 'Dimples' - a GTS 300
Joined: 26 Aug 2007
Posts: 40425
Location: Pleasant Hill, CA
Mon Nov 22, 2021 11:44 am linkquote
Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible. It is the equivalent of Chapter 11, Title 11, United States Code, although with significant differences. While creditors with a security interest over all a company's assets could control the procedure previously through receivership, the Enterprise Act 2002 made administration the main procedure.
Tue Nov 23, 2021 7:23 am

Ossessionato
2013 Vespa 300 Super, 2007 Burgman 400
Joined: 30 Mar 2014
Posts: 2262
Location: Minneapolis USA
 
Ossessionato
2013 Vespa 300 Super, 2007 Burgman 400
Joined: 30 Mar 2014
Posts: 2262
Location: Minneapolis USA
Tue Nov 23, 2021 7:23 am linkquote
Jimc,

Thanks for the clarification.

In the USA, where insurance law is individual State retained rights, each State
usually has a "Guarantee Association". If you are licensed to do business in the
State, you join the Association and agree to collectively join with all other companies
to pay outstanding claims of a failed company. Also, the same as UK, first step
attempt to put the company back on its feet financially.

Bob Copeland
Insurance Agent to the Stars
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