LK Shields Solicitors are acting on behalf of Nomura International plc (Nomura) in respect of the ongoing insolvency proceedings involving Structured Credit Company (SCC), a provider of credit risk protection with liabilities of approximately US$438 million.

Nomura, a creditor, successfully petitioned the Irish High Court for a provisional liquidator to be appointed to SCC when SCC's liabilities escalated well in excess of the €175 million posted-collateral due, in part, to volatility in the Credit Risk Transfer Market.

The Irish Netting Statute has protected collateral posted to the creditors and SCC is currently under court examinership (Irish Chapter 11 equivalent) seeking to put in place a scheme of arrangement with its creditors for balances outstanding.

The team at LK Shields Solicitors comprised of Joe Gavin, Head of Banking and Financial Services with Jill Callanan, Associate in our Litigation and Dispute Resolution Department. They were assisted by Neil O'Keeffe, Associate.

September 2007.