Following approval of shareholders to reorganize company
Willis Group Holdings has announced that its shareholders have approved changing the place of incorporation of the parent company of the Willis Group from Bermuda to Ireland. With the shareholders’ approval, the proposal to reorganize the company now goes before the Supreme Court of Bermuda for approval.
According to Willis, it expects to complete the reorganization on or about the end of this year, assuming the transaction is approved by the Supreme Court of Bermuda at a hearing scheduled for December 18, 2009, and certain other consents, approvals and waivers are received.
Upon completion of the reorganization, a new Irish company, Willis Group Holdings plc, will replace Willis Group Holdings Limited as the public holding company of the Willis Group.
The company said that its shareholders have approved the creation of distributable reserves of Willis Group Holdings plc, which is expected to be approved by the Irish High Court within three to six weeks after completion of the reorganization.