Insurance Age

Approval given for schemes

Approval was given late last month for schemes of arrangement to be enacted allowing collapsed Australian insurer HIH to be placed into run-off. The Joint Provisional Liquidators of the HIH Group companies Tony McMahon, Tom Riddell and John Wardrop, partners in the Corporate Recovery Insurance Solutions team of KPMG, reported that creditors of the insurer agreed the scheme on 29 March. The HIH group was the second largest general insurance group in Australia when it failed in March 2001. The