the Bermuda-based Cambridge Reinsurance Ltd. will hand out the sixth and final dividend to creditors on Monday, nine years after the company closed its doors.

Unsecured creditors received their first interim payment of four percent in June, 1989, waited 13 months for their next instalment and just six months for the third pay out.

But the last two payments were both in 1992, each worth $3.1 million and bringing the total pay-out to $17.5 million.

The final payment of $3.1 million will bring the total amount of funds distributed up to $20.6 million. That will represent 21.2 percent of the total claims of more than two thousand creditors.

Total expenses were about $10 million, including half of that in run-off fees and two million dollars in legal fees.

The liquidation is thought to be on course for being one of the shortest in history and the first to apply Bermuda's 1876 Bankruptcy Act, which allows liquidators to estimate an insolvent companies contingent liabilities, rather than wait years for claims to be filed.