Independent Insurance ex-chief executive Michael Bright will meet his newly appointed bankruptcy trustee Phillip Sykes early next week.
Sykes, a senior corporate recovery partner at Moore Stephens, was appointed this morning at a meeting of Bright's creditors.
HSBC insolvency specialists attended the meeting, held at the Bloomsbury Street offices of the Insolvency Service, which is a Department of Trade and Industry agency.
Bright took out a £4.28m loan from HSBC, secured by his shares in the insurance company, late last year.
He has three major creditors – HSBC, Natwest and the Inland Revenue.
Sykes will now obtain Bright's assets, and examine and settle any completing claims for payment.
This is usually done by distributing the assets pro rata among the creditors.
“I'll be meeting with Mr Bright early next week and expect to gain a full picture of where everything stands,” he said.
“So far, he's been very cooperative in assisting the authorities and I'm aware that he's already made steps to put his properties on the market.
“It's likely that we'll review Mr Bright's pension fund documentation and will assist Independent Insurance's provisional liquidators as required.
This morning's meeting, which was not attended by Bright or his lawyer, started badly when HSBC insolvency expert Tony Dove had difficulty obtaining entry.
The Insolvency Service security desk did not have a list of attendees and could
