In June 2001 Independent Insurance went into provisional liquidation. Hundreds of jobs were lost, thousands of shareholders lost investments and over £366m has since been paid out under the statutory compensation scheme.
This disastrous turn of events was in stark contrast to the picture of the company given in the annual accounts (for year 2000) published in March 2001. During the 1990’s the business had grown rapidly. It became stock exchange listed and was making its mark as a big
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