PracticeConsultingCreditors appoint Bright trustee

Creditors appoint Bright trustee

Phillip Sykes, senior corporate recovery partner at mid-tier firm Moore Stephens, has today been appointed trustee in bankruptcy for Michael Bright, former chief executive of Independent Insurance, which is now in provisional liquidation.

Sykes was appointed following a meeting of Bright’s creditors earlier today and will be tasked with obtaining his assets, and exam and settle any competing claims.

Bright, once the darling of the insurance world, was declared bankrupt last month, three months after Independent Insurance stopped writing new business and appointed liquidators from PricewaterhouseCoopers.

Speaking on his appointment, Sykes said: ‘I will be working with all relevant parties to realise Mr Bright’s remaining assets and ensure that his creditors are paid whatever is available as swiftly as possible.’

He added: ‘I will be meeting with Bright early next week, and expect to gain a full picture of where everything stands. So far, he has been very co-operative in assisting the authorities and I am aware that he has already made steps to put his properties on the market.

Documentation relating to Bright’s pension fund, said to be worth Pounds 11m, is also likely to be examined. His biggest creditor is believed to be banking giant HSBC, which, according to media reports, is suing the former chief executive for Pounds 4.28m.

Trouble at the company first came to light when external actuaries from Watson Wyatt found large claims had not been entered into the insurer’s accounting system.

Royal & SunAlliance has taken on the insurance policies of over 250,000 of Independent’s personal lines customers.

Links

Ex-Independent boss declared bankrupt

Independent policies to be cancelled

Institute to investigate insurer’s collapse.

Independent collapse hits indemnity cover

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