Brokers have grudgingly accepted PricwaterhouseCoopers' (PWC) deal on the return of commissions and premiums, with approximately 90% of the 800-plus involved agreeing to participate.
Those that did not sign up now face a tough choice: pay up all time-on-risk gross premiums and 100% return commissions on return premiums in a lump sum, or face legal action for the recovery of the money.
"Those brokers who have not accepted the deal now are faced with settlement on worse terms or litigation," liquidator Dan Schwarzmann warned.
Schwarzmann will now consult the broker representative group with which PWC negotiated the deal to agree the wording of the contract that participating brokers will sign.
The contract will be distributed in two weeks' time and must be returned by 15 August.
Brokers who were originally heavily critical of the deal have signed up, saying they did not like the terms offered, but wanted an end to the uncertainty.
Smart & Cook managing director Paul Meehan said: "We still think some of the demands are unreasonable but, at the end of the day, we want to put it behind us so we took the pragmatic view."
Kevin Young of Argyll Insurance Group said his firm had accepted the deal, subject to the final contract being acceptable.
Other brokers said they did not want to involve their clients in legal action for the brokers' own benefit.
British Insurance Brokers' Association (Biba) chief executive Mike Williams said the deal's greatest merit was that it brought finality to the episode.
"I don't think I'd be jumping up and down with glee that I'd screwed a great deal out of the liquidator," he said. "But the potential downfalls of refusing were too much."
