Insurance Limited (the holding company of the HIH group) was
a publicly listed company in Australia. Prior to its failure
the HIH group was the second largest general insurer in
Australia, and had operations in many other countries.
On 15 March 2001 the HIH group failed. A G McGrath and
A R M Macintosh (then of KPMG Sydney) were appointed as
provisional liquidators of HIH Insurance Limited and many of
its subsidiaries. A J McMahon, T A Riddell, and B J Gale of
KPMG London were appointed as provisional liquidators of some
of the same companies in the United Kingdom, and also of
other group companies incorporated in the UK. Other
insolvency practitioners were appointed to various group
companies incorporated in other parts of the world.
At the time of its failure, the HIH group consisted of more
than 240 companies, of which eight were licensed or formerly
licensed insurance companies incorporated in Australia. The
majority of the remaining companies were holding and
investment companies, in some cases licensed insurance
companies incorporated in other jurisdictions.
On 27 August 2001, the Australian companies in Provisional
Liquidation were placed into Liquidation. A G McGrath and A R
M Macintosh were appointed as Liquidators.
On 1 July 2004, the Corporate Recovery division of KPMG
Australia and KPMG New Zealand separated to form an
independent entity, McGrathNicol+Partners.
On 1 July 2005, C J Honey of McGrathNicol+Partners
replaced A R M Macintosh as joint Liquidator of the major
Australian companies in the HIH Group.
On 29 March 2006, the Australian Liquidators and
English Provisional Liquidators convened meetings of
creditors of the eight companies that formerly held
Australian insurance licenses to consider and vote upon the
Schemes of Arrangement. Four of these companies also
considered the proposal for English Schemes. All Schemes of
Arrangement at these meetings received approval from those
creditors present and eligible to vote.
On 26 May 2006, the Australian Schemes of Arrangement
were sanctioned by the Supreme Court of New South Wales. The
Orders granted were lodged with the Australian Securities and
Investments Commission on 30 May 2006. The English Schemes of
Arrangement were subsequently approved by the High Court of
Justice in England and Wales on 12 June 2006 and lodged with
the Registrar of Companies on 13 June 2006. The date of
lodgement with the relevant regulatory authority is the date
from which both the Australian and UK Schemes became
On 19 January 2012, M S Walker of KPMG London replaced
TA Riddell as provisional Liquidator and/or Scheme
Administrator of the companies in the United Kingdom.
On 21 August 2013, B J Gale of KPMG London replaced J M
Wardrop as provisional Liquidator and/or Scheme Administrator
of the companies in the United Kingdom.
On 1 December 2015, Jason Preston of McGrathNicol replaced
C J Honey as joint Liquidator of the Australian companies in the HIH Group.