Two accountants at the Bermuda-based office of the Arthur Morris Group of Companies have been handed the considerable task of assessing what is required to manage the winding up of the IPOC International Growth Fund and eight related companies.

Dudley Cottingham and Chris Morris were appointed provisional liquidators when the winding-up order - uncontested by IPOC - was approved by Puisne Judge Ian Kawaley in the Supreme Court on Wednesday.

"We will be working on the required statement of assets for the nine companies and carrying out meetings with contibutories and potential creditors," Mr. Morris said yesterday. "And then we hope we will be confirmed as permanent liquidators."

Generally liquidators assume control of a business to manage its winding up and their responsibilities include paying off unsecured creditors and distributing what is left among shareholders.

IPOC was once the owner of a large swathe of the Russian telecommunications industry and was at one time thought to have holdings worth in the region of $1 billion.

The two accountants said they could not comment on details but Mr. Morris added: "There are nine Bermuda companies with various overseas interests so it's not something we can take lightly."

Mr. Cottingham said: "I believe we have the resources to get the job done."