are clsoe to making a final pay-out.

After nine years in run-off because of insolvency, meetings have been slated in the UK in November for creditors of Centaur International Insurance Company Ltd., The Concord Reinsurance Company Ltd., Marbarch Insurance Company Ltd.

and Shasta Reinsurance Company Ltd. to consider a closing scheme of arrangement pursuant to section 99 of the Companies Act 1981 of Bermuda and section 425 of the Companies Act 1985 of Great Britain.

Lawyer Mr. David Steinberg with Clifford Chance, a firm acting in the proceedings, said: "The scheme of arrangement (between the companies and respective creditors)has worked well.'' If there is agreement on November 8, the next step will be to have Bermuda Supreme Court sanction the scheme, he said.

Mr. Steinberg described this scheme as a "once and for all distribution for all creditors.'' Since 1986, Centaur has paid out 40 cents on the dollar to creditors, Concord and Shasta have paid out 20 cents on the dollar while Marbarch has paid out not less than 20 cents on the dollar, said Mr. Steinberg.

As participants in a scheme, the four companies shared the risks of a reinsurance pooling arrangement before becoming insolvent in 1986.

They then went to and received court approval for a scheme of arrangement.

Closing schemes are an alternative to liquidation and are viewed as less costly than liquidation and possibly more beneficial for creditors, said Bermuda Registrar of Companies Mr. Kymn Astwood.

Creditors may obtain copies of the closing scheme of arrangement from Trinity Square Services Ltd. at Pullman Place, Gloucester or from solicitors Clifford Chance in London.

When the closing scheme is concluded, the companies will likely be dissolved.

The London meetings, for those with established claims and those without, are slated to commence at noon London time November 8 and conclude shortly thereafter at Watermen's and Lightermen's Hall, London, according to a legal notice published Wednesday in The Royal Gazette .

A court appointed chairman will address the closing scheme creditors at the meetings.