Creditors of failed Australian insurer HIH are set to receive a final dividend of no more than 10-20 cents in the dollar, the liquidator said yesterday.
KPMG said company law would dictate that creditors with liabilities in Australia are likely to get priority payments.
Yesterday's announcement is the first time KMPG has given creditors an indication of how much they could receive. Payments will be made over seven to ten years.
It comes two weeks after one of the key figures implicated in its collapse was charged.
HIH was formerly Australia's second-largest general insurer, which collapsed two years ago and has liabilities of A$7bn (£2.9bn).
