On April 25th 2006 the Companies Court of the UK High Court of Justice approved the Gordian (UK) scheme of arrangement. Gordian (UK) is a reinsurance portfolio managed by Cobalt Solutions Australia and the portfolio is owned by AMP, the Australian wealth management company.

AMP has retained Cobalt to manage the run-off of its insurance and reinsurance portfolios, including the Gordian (UK) portfolio. Peter Clarke, managing director of Cobalt said, "AMP has looked for Cobalt to achieve finality in the Gordian (UK) book and a scheme of arrangement was considered the most prudent exit strategy. The success of the Goardian (UK) scheme and the other schemes that have achieved approval since the BAIC ruling, show that this is not the end of the solvent scheme of arrangement."

Clarke continued, "I believe that the solvent scheme is a strong exit strategy for reinsurance portfolios of this nature and we're pleased that we have met the court's requirements." Scheme creditors now have six months to October 25th 2006 to file claims against Gordian (UK), where Cobalt as the scheme manager will be responsible for reviewing claims submitted and agreeing a full and final settlement with each creditor. The Gordian (UK) scheme is one of two schemes that Cobalt is currently managing on behalf of its UK clients.