Company Limited (EMLICO) meet for the first time next week at Coopers & Lybrand on Church Street.

The company was ordered wound up last month by Puisne Judge Richard Ground after a failed bid to halt the proceedings by reinsurers, who alleged deceit, conspiracy and fraud involving EMLICO and its principal creditor, General Electric Ltd. (GE).

EMLICO has been GE's liability insurer for four decades.

Next Thursday afternoon's two meetings come within a half an hour of each other and are for the purpose of voting, in all likelihood, to apply to the Supreme Court for the appointment of a liquidator, and, voting a committee of inspection into office.

A prospective voter for this exercise must have a proxy lodged with EMLICO joint provisional liquidator Peter C.B. Mitchell of Coopers & Lybrand by Tuesday.

Meanwhile, reinsurers are at work in Massachusetts, trying to have regulatory orders overturned that allowed the EMLICO redomestication to Bermuda, according to Business Insurance (BI).

While Mr. Justice Ground agreed that there was a serious matter to be tried on the question of fraud, he conceded the winding up proceeding was not the place for that to occur.

He did not agree with reinsurers that EMLICO's winding up petition was an abuse of process, even if the company did, as is alleged, commit fraud by deceiving regulators to affect the move.

Kemper Re is asking the Supreme Court here to overturn on judicial review, the Bermuda orders that allowed EMLICO into the country, claiming that local regulators were misled as to its solvency.

A Bermuda court has already seen papers that include an affidavit from Registrar of Companies, Kymn Astwood, who has denied being misled by EMLICO.

In fact, neither he, nor Minister of Finance Grant Gibbons even asked to be heard during the winding up proceedings, with full knowledge that such allegations were being made.

So although the local regulators appear satisfied with the propriety of the EMLICO move to Bermuda, the reinsurers are urging Massachusetts Insurance Commissioner, Linda Ruthardt, to reconsider a decision she made last month not to re-visit the approval of her office that allowed the move.

Her decision was taken though, considering the fact that hearings were underway in Bermuda before Mr. Justice Ground. And it was taken after one of her officers conceded that he would not have allowed the redomestication, if he knew of the questions over EMLICO's solvency -- if he knew then what he knows today.

BI said this month that Lloyd's underwriters, Kemper Re and other reinsurers are suing the Massachusetts insurance division to cancel the approval that allowed EMLICO to redomesticate.

Two of the reinsurers, Allstate Insurance Company and units of General Re, have now also named in their suits EMLICO and a former subsidiary Electric Insurance Company.