Law firm Appleby acted as Jersey counsel to The North of England P&I Association Limited (NOE) and its wholly owned subsidiary Sunderland Marine Insurance Limited (SMI) in relation to the transfer of insurance business from SMI to NOE (Jersey Scheme).
The Jersey Scheme was conducted alongside a Part VII Transfer in England and Wales as part of a wider internal restructuring of operations of the North Group. The Royal Court of Jersey sanctioned the Jersey Scheme on 22 June 2020 with the Jersey Scheme becoming effective on 30 June 2020. Appleby also subsequently advised SMI on its cessation of business in Jersey.
The Appleby team was led by partner Andrew Weaver and associate Daniel Healy assisted by paralegal Angharad Prescott. The litigation team provided further support.
Speaking on the transaction, Andrew Weaver commented: “We were very pleased to have acted on this transaction, which was conducted through a COVID-19 lockdown. It demonstrates the strength and breadth of skills and experience in our multi-faceted team and the flexibility of the Jersey courts to conclude such transactions during lockdown”.
Ged McTernan, corporate counsel at NOE said: “It was fantastic to work with Dan, Andrew and the rest of the Appleby team. Despite the challenges of lockdown they were able to give fast, practical advice which helped us deliver this transaction on time”.