the company had been floated on the stock market in 1993 and many analysts favoured the shares. The last published accounts in 2000 showed an operating profit of 40 million, although cash outflow was somewhat higher, and the auditors, KPMG, reported that the accounts showed a true and fair view of the state of the company's affairs. Actuaries, hired to review the company's exposure of risk, claimed that the reserves made reasonable allowance for possible claims. Annual returns were duly filed with Companies House and the Financial Services Authorities. Six month later, the company had collapsed.