AMP and Cobalt Solutions Australia have been given leave to run the Gordian scheme of arrangement past the UK High Court of Justice, with creditors given six months to file claims against Gordian (UK).

Sydney-based Cobalt Solutions, formerly Cobalt Run-off Services, was originally formed in 2001 to run off the GIO Re business after AMP was left holding on to the loss-making business. It branched out to manage insurance and reinsurance portfolios.

It will determine a full and final settlement with each creditor.

Cobalt MD Peter Clarke says AMP has looked for Cobalt to achieve finality in the Gordian (UK) book and a scheme of arrangement is considered the most prudent exit strategy.