It’s more than five years since the collapse of HIH, and the fallout from the crash is still being played out in courts around Sydney.

The latest round of court appearances relates to companies and executives involved in the suspect takeover of FAI Insurance. Those involved include Malcolm Turnbull, the Parliamentary Secretary to the Prime Minister with special responsibility for water, US investment guru Warren Buffett’s Berkshire Hathaway, and former FAI executives Tim Mainprize and Daniel Wilkie.

HIH liquidator Tony McGrath wants $400 million, alleging that they and several others misled FAI auditors about the state of the company before its takeover by HIH.

Mr Turnbull is a former chairman of Goldman Sachs and was an adviser to HIH during the FAI transaction. General Re Australia, owned by Berkshire Hathaway, delivered a key financial reinsurance policy to FAI before the takeover.

Mr McGrath is also liquidator of FAI and says he will seek damages for that company’s creditors. The case has been adjourned until November 9.