HIH Insurance Limited was a publicly listed company in
Australia. Prior to its collapse in 2001, the HIH Group was
the second largest general insurer in Australia and had
operations in many other countries.
On 15 March 2001, HIH Insurance Limited and a number of its
subsidiaries were placed into provisional liquidation.
subsequently, on 27 August 2001, the companies that were in
provisional liquidation were placed into liquidation.
Schemes of Arrangement are in place for eight of those companies.
The Scheme Administrators have made payments to creditors and will make
further payments over the coming year(s).
To date, the Australian Schemes of Arrangement of FAI Reinsurances Pty Ltd
and World Marine & General Insurances Pty Ltd have terminated on payment of 100
cents in the dollar to their creditors.
Decision on the priorities to apply to non Australian assets
– The House of Lords has handed down its decision that
Australian priorities are to apply to the Insolvency of the
HIH group. Download a copy of the
English Scheme Administrators summary of the decision