Scottish Re Group Limited – in official liquidation

Type of engagement

Initially a Bermudian provisional liquidation which became a Cayman official liquidation.


A Cayman company which was operated out of Bermuda.


The company is the holding company of a group structure that has subsidiaries in Cayman, Bermuda, Delaware, Ireland and Luxembourg. The primary business of the group was the reinsurance of life insurance, annuities and annuity-type products. In 2008 the group ceased writing new business and the group is managing a legacy reinsurance portfolio. The group had raised working capital by issuing notes through special purpose vehicles which were guaranteed by the company’s immediate subsidiary, Scottish Annuity and Life Insurance Company (Cayman) Ltd (SALIC). Interest payments were due to be made on these notes which the group could not pay and the group decided to undergo a restructuring in an effort to reorganise its debts and effect an orderly wind down. The company filed for provisional liquidation in Bermuda May 2017 and Eleanor Fisher and John McKenna (of Finance & Risk Services Ltd. in Bermuda) were appointed as joint provisional liquidators. SALIC, and its wholly owned Delaware subsidiary Scottish Holdings, Inc., filed for Chapter 11 protection in Delaware in early 2018, following which the company was placed into official liquidation in Cayman with Eleanor and John continuing to act as joint official liquidators.

Key Facts

• Group assets of approximately US$2.9 billion
• Consolidated liabilities also of approximately US$2.9 billion


At present this assignment is ongoing.

Wind down and distribution following US$1billion sale

Type of Engagement

Voluntary liquidators


Impending sale and purchase of the operations of a trading corporate services and trusts business as a going concern which would ultimately leave certain holding entities as defunct shells.

Key Facts

Sale proceeds in excess of $1billion Distributions to over 150 owners and investors made within 48 hours of appointment


Completion of all due diligence and KYC checks on over 150 owners and investors, distribution of sale proceeds and dissolution of the corporate shells.

Featured Service

Solvent liquidation

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