liquidators: 1991: Bermuda Fire & Marine Insurance Company is split by way of "a specie dividend'' into two companies: BF&M, which retained company's profitable domestic insurance business; and Bermuda Fire & Marine, which retained the company's loss-making international business.

November, 1993: Bermuda Fire applies to be wound up and is threatened with lawsuits by its overseas creditors.

December, 1994: Bermuda Fire is declared insolvent. Provisional liquidators Anthony Joaquin and Gareth Hughes are appointed.

October, 1995: BF&M ordinary shares are suspended from trading on the Bermuda Stock Exchange.

December, 1995: BF&M shareholders are served with writs by the Bermuda Fire's liquidators.

January, 1996: BF&M applies to have legal proceedings against it and its shareholders thrown out. The bid fails after lengthy court proceedings.

January, 1997: Scheme of arrangement is accepted by Bermuda Fire creditors.

February, 1997: Ex-Bermuda Fire director Donald Lines denies allegations that minutes of the company's board meetings were doctored to remove evidence that the directors knew the company was in financial trouble before the 1991 break-up.

July, 1997: Bermuda Fire liabilities are estimated at $1 billion.

July, 1998: Final session of pre-trial hearings are held. A May, 1998 court date is set.

May 5, 1999: The Bermuda Fire trial gets underway with opening statements by Queen's Counsel Gabriel Moss, acting for the liquidators.

June 2, 1999: The first witnesses given evidence.

November 30, 1999: After five months of proceedings, BF&M announces that it has reached an out of court settlement with the liquidators. Estimates on the cost of the proceedings are put in the millions of dollars.

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