PracticeConsultingEx-Independent boss declared bankrupt

Ex-Independent boss declared bankrupt

The former boss of collapsed insurer Independent Insurance, Michael Bright, has declared himself bankrupt, according to reports.

ThisisLondon.co.uk claims the flamboyant former chief executive petitioned for his own bankruptcy. Bright’s biggest creditor is believed to be HSBC, which is now suing him for more than £4.28m. His other assests are said to include an £11m pension fund and his Kent home.

Independent appointed liquidators from PricewaterhouseCoopers in June following its decision to suspend the writing of new business. Speculation mounted over the state of the company after external actuaries from Watson Wyatt found large claims had not been entered into the insurer’s accounting system.

Meanwhile, PwC this week chose Ken Blanc to succeed John Blakemore as chief executive as Independent’s current chief executive. Blanc, an internal appointment, will oversee the group in run off – a position where the insurer cannot write new business and relies on its assets to pay claims.

Links

PwC sanctions Independent bonuses

Independent auditor slammed by MP

Taking Stock – Maxwellian tragedy

KPMG target for Independent creditors

Independent collapse hits indemnity cover

ICAEW to investigate insurer’s collapse

Independent FD unaware of contracts

Liquidators appointed at Independent

SFO called to probe Independent

ThisisLondon website

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