After more than a decade of fighting for their money, creditors will finally recoup some of their funds from Aneco Reinsurance - a Bermuda company put into liquidation over a decade ago.

Yesterday liquidators PriceWaterhouseCoopers (PWC) announced that a 70 percent pay out would be made to creditors, following a scheme of arrangement with creditors agreed upon in June. The company is understood to have more than 200 creditors and total liabilities of more than $100 million.

The contentious and drawn-out liquidation has also included Focus Insurance and Forum Re and dates back to the early 1990s. A first and final dividend for Focus creditors was announced earlier this year.

PWC said the major focus of attention in the insolvency was litigation against reinsurance brokers Johnson and Higgins. A landmark House of Lords decision last year saw Aneco awarded more than $51 million.

The decision upheld a 1999 Court of Appeal decision that Johnson & Higgins, a company since bought out by Marsh & McLellan, should pay Aneco Re all losses suffered under a failed reinsurance contract.

The court ruled J&H gave negligent advice to Aneco on the terms and availability of reinsurance coverage. J&H was made to pay damages significantly in excess of the initial amount of reinsurance sought by Aneco - $12 million. The announcement of money for Aneco creditors must be welcome news after a long battle that has included legal skirmishes, including between the company's former controlling director and shareholder Mark Hardy and liquidators.

Liquidators said in a press statement: "Whilst the timescale has been protracted and frustrating, the 70 percent pay out should be regarded as significant and great credit must be given to the creditors committee for their patience, perseverance and support."

But the battle may not be over with Mr. Hardy, who contests the finding that the company is insolvent, telling The Royal Gazette earlier this year that there would be more skirmishes in "a very long war".

Likening the process to the English Civil War, "in other words it goes on for a while", Mr. Hardy said he would continue legal action against the liquidators.