The administrators of the remaining 63 HIH companies in liquidation are still on track to finalise the schemes of arrangement in 2013.

McGrathNicol Partner Chris Honey says the scheme cut-off date is May 2013, “and we hope to finalise the final details then” for the remaining companies in provisional liquidation.

“We have board approval to close another 16 companies by the beginning of November and that will leave 47 still to be liquidated,” he told insuranceNEWS.com.au.

The most recent creditors’ meeting was for HIH Underwriting and Insurance (Australia), where a creditors’ committee was appointed to approve a scheme payment.

“The creditors’ meeting was called to form a committee to approve the payment of 10 cents in the dollar as an interim dividend,” Mr Honey said.

“We needed a committee to legally approve the payment which has now been made to creditors.”

The amounts to be paid to creditors of HIH, FAI and its associated companies will vary between nothing and 100%, although the amounts could change as details are finalised in each company during the next 18 months.