BusinessBusiness RecoveryPwC seeks Independent commissions

PwC seeks Independent commissions

PricewaterhouseCoopers, the liquidators of collapsed Independent Insurance, has found itself in conflict with insurance brokers after demanding the return of old commissions.

The news emerges at the same time as indications that legal action by creditors of Independent could begin early next year with signs that it might still involve claims against the auditors KPMG.

PwC is reported as pursuing all commissions relating to premiums returned as a result of policies being cancelled after Independent became insolvent.

Brokers are understood to have formed a group, with the help of lawyers, to fight the claim.

Meanwhile evidence is being gathered by lawyers representing creditors battling to recover some of the losses resulting from the collapse of Independent.

Reports say the claims, planned for early 2002, will target those who can afford to pay, a statement which fails to rule out action against KPMG.

Links

KPMG faces probe over Independent audit

KPMG in investors’ backlash

JDS to probe Independent auditors

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