HIH Insurance 

Questions & Answers

Estimation / Determination

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.

Liquidation / Scheme

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.

Creditor Payments

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.