JDC TECHNICAL EVALUATION REPORT

Subject: Elite Insurance Co Ltd (In Admin) – (91111 / FC031548)

Reference UID: 6044 & UID6044.1

Market Authority: London & International Markets

Case Ref: Gib-SC-2026-03-13

Secondary Ref: 2026-SC-011

Date: 23^rd March 2026 & Updated 30th March 2026

Status: Meeting Ordered

Case Summary (Tier 4): By Order of the Supreme Court of Gibraltar dated 13 March 2026, Scheme Meetings have been convened for 7 May 2026.

This is a critical milestone for the legacy run-off of Elite’s liabilities, affecting “FSCS Protected Creditors” and “Other Direct Insurance Creditors.”

The Scheme aims to provide a final resolution for policyholders who may have purchased coverage through third-party intermediaries or cover holders.

Case Detail (Tier 5):

Meetings Date: 7 May 2026 (10:00 CEST for FSCS class; 10:15 CEST for Other Direct class).

Voting Deadline: 5pm CEST on 6 May 2026 via the Creditor Portal (Code: EliteScheme26).

Supplementary Tier 5 Data: UID 6044.1

The “Alternative” Outcome (Insolvency Risk):

Logic for the Vault: It is critical to document that the Joint Administrators consider this Scheme the only viable alternative to terminal liquidation.

Specifics: If the Scheme is not approved on May 7th, all remaining FSCS-protected policies will be immediately disclaimed. The Scheme is designed to avoid the higher costs and longer delays of a standard liquidation, which could otherwise deplete the remaining assets.

Financial Distribution Targets:

Timeline: The latest guidance suggests that if the Scheme is sanctioned following the May meetings, an initial distribution to creditors with admitted claims is anticipated by the end of Q1 2027.

The “Bar Date” (Claims Deadline): The “Claims Submission Deadline” is expected to be in late 2026 (approximately 180 days after the Scheme becomes effective).

Administrative Specifics:

Quest Consulting Nexus: While PwC (Edgar Lavarello and Dan Schwarzmann) are the Joint Administrators, Quest Consulting (London) Ltd is the primary point of contact for claim submissions and scheme administration.

FSCS Cut-off: For UK-based tracking, the FSCS protection for eligible “long-tail” claims is currently expected to remain active until 31 December 2027, but only if the Scheme becomes effective.

Reference Verification Table