The run-off of collapsed insurer Independent Insurance is expected to be finalised by 2009.
PricewaterhouseCoopers (PWC), the insurer's liquidator, is gearing up to ask permission from Independent's creditors to set up an 'estimation scheme of arrangement'. This is a compromise agreement that will enable the distribution of assets to Independent's creditors.
Dermot Joyce, executive director of Capita, which handles correspondence relating to Independent for PWC, said: "Dan Schwarzmann [the PWC partner handling Independent's case] is still seeking to put Independent into run off through a scheme [of arrangement].
"If PWC is successful it is likely things will be sped up and the run-off will be finalised before 2009," he added.
An estimation scheme will mean Independent's liabilities will be ring fenced and claims against Independent will have their value frozen.
But PWC was reluctant to commit to a timeframe. "We are looking to develop a scheme, but I wouldn't like to put a date on things," a spokesman said.
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