The first signs of the black hole in Independent's accounts emerged yesterday when reports stated that £62m of claims had not been recorded.
Sources say that Independent staff were underpricing new business, unaware of the scale of large pipeline claims that had not been entered into the books.
The provisional liquidator, Pricewaterhousecoopers, is believed to be involved in talks with several insurers, including AXA, about the break-up of remaining assets. Assets include the loss adjusting business Property and Casualty Services.
It is also rumoured that a group of Independent managers is seeking funding for a start-up operation, potentially employing up to 50 Independent staff.
