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 firstname.lastname@example.org or mail to GPO Box 2707 Sydney NSW 2001 for further assistance.
What is the objection and determination process?
If you do not agree with your claim amount as stated in the circular, you may object to it. All Notice of Objections must be received by the Liquidator within 30 days of the publication date which is 16th April 2019. After this date no new objections can be accepted by the Liquidators and all claims without a Notice of Objection will be automatically admitted by the Liquidators.
The Liquidators will assess the Notice of Objection received by 16th May 2019 and you will be notified of the Liquidators’ determination of your objection after this date
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 received a circular 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 email@example.com or mail to GPO Box 2707 Sydney NSW 2001, quoting our reference number.
I received a circular 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 firstname.lastname@example.org or mail to GPO Box 2707 Sydney NSW 2001, quoting our reference number.
How do I change my address?
Contact the HIH Helpdesk at email@example.com 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 will be agreeing and paying the claims to the 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.
I have appointed a legal firm to act on my behalf. What do I need to do?
The Liquidator will continue to deal with the registered shareholders directly however, if you want the Liquidators to deal with your legal representative, please advise of your instructions to the HIH Helpdesk at firstname.lastname@example.org or mail your instruction to GPO Box 2707 Sydney NSW 2001 and provide the contact details of your legal representative.
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.
I don’t agree with the amount advised in the circular?
If you dispute the calculated amount, you will need to complete the Notice of Objection form provided with the circular and send the forms together with certified copies of supporting documentation such as contract notes to the HIH Helpdesk at email@example.com or mail to GPO Box 2707 Sydney NSW 2001, by 16th May 2019.
The dates that I purchased the shares are different to your transaction list?
In calculating your claim, the Liquidators have relied on the transaction details provided by the Share Registrar to determine the dates of your transactions. If your transaction dates differ, and would like the Liquidators to recalculate your claims, you will need to complete the Notice of Objection form and include supporting documentations such as contract notes/other documents evidencing purchase, to the HIH Helpdesk at firstname.lastname@example.org or mail to GPO Box 2707 Sydney NSW 2001.
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. Should you intend to claim for these amounts you will need to complete a Notice of Objection form and provide the contract notes/other documents evidencing purchase including the brokerage and stamp duty amounts to the HIH Helpdesk at email@example.com or mail to GPO Box 2707 Sydney NSW 2001.
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.
What do I do if I wish to object to the amount, but I have lost or disposed of the documentation?
The Liquidators have determined your claim based on the latest transaction data obtained from the Share Registrar and in accordance with the calculation methodology determined by the Court. In the absence of any further documentation regarding your claim being available, then this will be the final claim amount acknowledged by the Liquidators.
When will I receive my payment?
The Liquidators need to receive and adjudicate on any Notice of Objections and then finalise all claims before making payment. The shareholder payments will be made when practicable.
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.
I have already claimed a tax loss on my HIH Insurance shares and do not want to participate in this shareholder claim. What should I do?
If you do not want to participate in this shareholder claim, please state your decision in the Notice of Objection and complete the claim value as $0. The completed Notice of Objection should then be sent to the HIH Helpdesk at firstname.lastname@example.org or mail to GPO Box 2707 Sydney NSW 2001 to be received no later than the 16th May 2019.
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.