Victims of one of the UKs biggest corporate scandals of the 2000s have finally been awarded a payout 16 years after the company went bust.
Independent Insurance Company, which at one point was worth almost £1bn, was declared insolvent in 2001, leaving thousands of customers out of pocket. At the time it was one of the UKs largest insurers, writing both personal and commercial business.
Independents boss, Michael Bright, was jailed for seven years in 2007 for his role in covering up problems at the company. Two other directors were also jailed for their roles in the fraud.
Independents administrators, PwC, on Friday said 6,000 creditors would receive about 14.5p for every £1 that they were owed by the company. Those creditors inc…
Read the full article at: https://www.ft.com/content/9d7fb83c-2c29-11e7-bc4b-5528796fe35c
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