Teneo (Bermuda) Ltd has been appointed joint provisional liquidators of Bermudian-based R&Q Insurance Holdings Ltd.

A hearing in the Supreme Court of Bermuda yesterday confirmed the appointment of Michael Morrison, Mark Allitt and Charles Thresh to oversee the liquidation and ultimately the winding up of the company,

Shortly after the appointment of the JPLs, the company said, Jeffrey Hayman, William Spiegel, Tom Solomon, Philip Barnes, Eamonn Flanagan, Jo Fox, Lawrence Hirsh, Jerome Lande and Robert Legett resigned as directors of the company.

R&Q said Deutsche Numis informed the company of its intention to resign as nominated adviser and broker to the company with immediate effect.

The company's shares remain suspended from trading and pursuant to AIM Rule 1, if a replacement nominated adviser is not appointed within one month, the admission of the company's shares to trading on AIM will be cancelled, R&Q said.

The company said it has no intention of appointing a replacement nominated adviser.

A spokesman for R&Q said: “As a consequence of the provisional liquidation, it's anticipated that there will be very little, if any, chance of any value accruing to the company's shareholders.”