Why did I receive the circular?
I didn't receive a circular but I believe that I acquired shares in HIH Insurance on or after the 25th August 1999?
This may have occurred for a number of reasons including:
If one of these reasons are correct, then please refer further in the FAQ’s for more specific information. If none of these reasons are applicable then please contact the HIH Helpdesk at email@example.com or mail to GPO Box 2707 Sydney NSW 2001 for further assistance.
I received a circular as a 'Nil Claim Shareholder'. What does that mean?
It means that according to our records you purchased shares in HIH Insurance on or after 25 August 1999 however you sold the same number of shares or more during this period. Therefore, our records indicate that although you did purchase shares you have a Nil or No claim against HIH Insurance. A circular was sent as the Liquidator has an obligation to notify shareholders who have a claim or potential claim.
I don’t agree with the amount advised in the circular/ the dates that I purchased the shares are different to your transaction list. What is the objection and determination process?
Shareholders were given up to 16 May 2019 to lodge their Notice of Objections provided in the circular. As this date has lapsed and all shareholders claims have been admitted by the Liquidators/Scheme Administrators, no new objections will be accepted by the Liquidators.
I received a circular/ dividend cheque however the shareholder is deceased. What do I do?
If a shareholder is deceased and there is a beneficiary entitled to the deceased assets, please provide a certified copy of the death certificate or copy of Grant of Probate/Letters of Administration and the contact details of the party that will be instructing on behalf of the shareholder’s estate to the HIH Helpdesk at firstname.lastname@example.org or mail to GPO Box 2707 Sydney NSW 2001, quoting our reference number.
I received a circular/ dividend cheque however the shareholder name is no longer correct and I need to change the shareholder name?
To change the shareholder name you will need to send certified copies of supporting documentation such as a change of name certificate or marriage certificate or deed poll certificate to the HIH Helpdesk at email@example.com or mail to GPO Box 2707 Sydney NSW 2001, quoting our reference number.
How do I change my address?
Contact the HIH Helpdesk at firstname.lastname@example.org or mail to GPO Box 2707 Sydney NSW 2001 and provide our reference number which is on your circular, last three digits of your HIHN, and shareholder name. The Helpdesk will then be able to change your address.
I brought shares via an intermediary. What do I do?
The Liquidators have admitted and paid the claims to most registered shareholders as stated in the HIH share register as maintained by Boardroom Limited, the HIH Share Registrar. If the intermediary is the registered shareholder, you will need to contact the intermediary directly to obtain all details in relation to your shareholding and entitlement.
My current claim is less than $25, will I get paid?
If the claim amount due to a shareholder is less than $25 then it is below the de minimis amount and the Liquidator/Scheme Administrator will not pay a distribution to these shareholders
What happens with claims from a company that has since been deregistered?
The Supreme Court has determined that deregistered companies have no claim against HIH Insurance or the Scheme companies.
What happens if I am a shareholder involved in the original Court Ruling (Plaintiff Shareholder)?
The claims of the successful Plaintiff Shareholders have already been paid by the Liquidators. If you are one of the successful Plaintiffs, you cannot have any further damages claims admitted in HIH.
How was the claim calculated?
The Liquidators have calculated your claim amount based on the methodology determined by the Court and the transaction details provided by the Share Registrar. Refer to the circular or HIH website for further information.
Am I entitled to interest?
No. The Supreme Court has determined that no interest will be paid on the shareholders’ claims.
Am I entitled to claim brokerage and stamp duty?
The Supreme Court has only allowed the claim of brokerage and stamp duty for purchases which were charged on a percentage of the purchase value. Fixed brokerage and stamp duty amounts cannot be claimed. As the date to lodge any Notice of Objection of 16 May 2019 has lapsed, no new claims will be considered by the Liquidators.
Can I get paid via Electronic Funds Transfer rather than by cheque?
No. The Liquidators have determined that the shareholder payments will only be paid by cheque.
When will I receive my payment?
The Liquidators have on 11 September 2019 post a dividend cheque to certain of the eligible shareholders that have been admitted as creditors of HIH Insurance and the relevant Scheme companies. If you have not received your dividend cheque, please contact the HIH Helpdesk at email@example.com or mail to GPO Box 2707 Sydney NSW 2001.
I have already claimed a tax loss on my HIH Insurance shares. Does this entitlement affect my tax obligations?
It is recommended that you seek your own independent financial advice on this matter.
Can I now submit a claim against a Scheme Company?
As per Clause 25 of the HIH Schemes of Arrangement, all Scheme Creditors were required to submit a Final Claim Form for estimation on or before midnight British Summertime on the 2nd of September 2013. Under the terms of the Schemes, the Scheme Administrators cannot admit any further Scheme Creditor claim(s) after this date.
What is the current status of the Group?
82 Australian companies in the Group were placed into Liquidation. At present, we have completed the liquidation of 73 Australian companies.
A full list of the companies in liquidation can be found in the HIH Group page.
What is the current status of the Schemes?
The Schemes of Arrangement transitioned from the Run-Off Period to the Estimation Period on 31 May 2013. The purpose of the Estimation Period is to enable the Scheme Administrators and Scheme Creditors to agree a final value for any open claims and any IBNR (claims that have been incurred but not reported) in order to determine the final financial position between the Scheme Creditors and the relevant Scheme Companies.
Details of the current estimated Scheme Payment Percentages are shown on the Home page.
When are the Schemes expected to terminate?
The Schemes shall terminate 12 months after the final Payment Date or if all Liabilities have been discharged in full.
It is not possible to reliably estimate at this stage when the final Scheme Payment would be made as it is wholly dependent on the timing of agreement of final claims.
Details of the Scheme Administrators' latest estimates of the final Scheme Payment Percentages can be found in the Home page. Creditors will be notified each time a further Scheme Payment is made.
When will I receive payment for my claim against a Scheme Company?
The Scheme Administrators have made payments to certain creditors of all Scheme Companies already. These payment percentages are shown on the Home page of this website. The Scheme Administrators regularly review the position of each Scheme Company to estimate future amounts to be paid to Scheme Creditors, which will depend on the changes in creditor claims, the outcome of litigation and a number of other factors.
When will I receive payment for my claim against one of the non - scheme companies within the HIH Group?
Interim dividends in relation to admitted claims against the Non-scheme Companies have been paid and will continue to be paid as funds become available.
Creditors will be notified when further dividends are declared by the Liquidators.
I have been approached to sell my claim against the HIH Group. What should I do?
It is recommended that you seek your own independent financial advice as to the options available to you.