HIH creditors’ payment increased
Nearly eight years after the collapse of insurer HIH, its insurance creditors have received an increase of 6% in the scheme payment percentage.
KPMG, administrators of the English scheme of arrangement for HIH, have announced the increase, which brings the total declared payment percentage to 15% for insurance creditors and 9% for non-insurance creditors.
The increased rate will apply to insurance liabilities worldwide, according to KPMG partner John Wardrop. He says payments are expected to have already reached creditors with determined scheme claims.
“This reflects the ongoing development of the company’s liabilities and continued collection of assets across both the UK and Australian branches of the group’s operations,” he said in a statement.
KPMG, administrators of the English scheme of arrangement for HIH, have announced the increase, which brings the total declared payment percentage to 15% for insurance creditors and 9% for non-insurance creditors.
The increased rate will apply to insurance liabilities worldwide, according to KPMG partner John Wardrop. He says payments are expected to have already reached creditors with determined scheme claims.
“This reflects the ongoing development of the company’s liabilities and continued collection of assets across both the UK and Australian branches of the group’s operations,” he said in a statement.