Mr McGrath, who was appointed as the provisional liquidator on March 15, doesn’t expect much money to be forthcoming to creditors for a long time. Like as long as 10 years.

He pointed out that complex insurance failures in the London and US markets have shown the first payment to creditors taking at least two years, with a final payment coming after more then seven years. “There are many examples of insurance companies which remain subject to liquidation or schemes of arrangement after more than 10 years,” he said.

“In the case of each of the main HIH companies, we expect that reliable estimates of creditor payment outcomes will not be possible for at least a year. It is also likely there will be a delay of at least two years before the first payment, and a delay of up to 10 years before the final payment to creditors.”