Three former directors of collapsed UK insurer Independent have attended the preliminary hearing into their charges of conspiracy to defraud, marking the first step in a trial expected to last at least six months.

The “Indie” collapsed in 2001, and CEO Michael Bright, MD Philip Condon and Finance Director Dennis Lomas are accused of defrauding creditors and shareholders from January 1997 to June 2001.

The case has now come to trial following an investigation by the Serious Fraud Office and the Police Economic Crime Department.

Although no pleas were taken at the hearing, the trio is expected to plead not guilty.