Independent Insurance's policyholders could bring a class action, with the possibility of claims against the directors of the company, the auditors, and other professional advisors, the Department of Trade & Industry and the Financial Services Authority.
Independent Insurance's policyholders could bring a class action, with the possibility of claims against the directors of the company, the auditors and other professional advisors, the Department of Trade & Industry and the Financial Services Authority.
Class action experts Class Law have already retained two insurance law specialist QCs from Wilberforce Chambers and have been looking into the possibility of class action.
Spokesman Stephen Alexander said Class Law had been flooded with information on the collapse.
“Brokers, institutional shareholders, private shareholders and employees are coming forward with information and that will be made available to the people involved in the action,” Alexander said.
He said the other advantage to the action was that an ad hoc committee could be formed, which could make information on the liquidation situation available to interested parties.
“The main thing is to establish an effective body of people,” Alexander said.
“They are asked to serve on an ad hoc committee which would form a draft set of rules, which would then go to the market to form a body to represent creditors.”
