Kevin Young, chairman of Argyll Insurance and the Creditors of Independent Insurance Group (CIIG), is questioning Pricewaterhouse Coopers' (PWC) offer to brokers.
The offer was made by the insurer's provisional liquidator yesterday, when it made clear that it was a final, non-negotiable offer.
Nevertheless, Young has told Insurance Times that the deal is not as cut and dried as PWC thinks.
He will be consulting the CIIG members, and legal representatives Class Law today over what action should be action.
Class Law are drawing up a letter on behalf of the CIIG which will be presented to PWC.