Mutual Risk Management made significant steps during April towards putting their past difficulties behind them.

The company has undergone a restructuring process to avoid bankruptcy and the insurer is now carrying on under the new name, IAS Park.

A Creditors Meeting was held on April 10 to ask creditors to approve the scheme which allows the company to carry on business. There was a positive vote from all classes of creditors, and the scheme was subsequently approved by the Bermuda Supreme Court at a Sanction Hearing on April 25.

In a memo to staff members, chief executive David Ezekiel said that the Bermuda Supreme Court sanction was a major step, but there is one more hurdle to come: "I have to appear in the US courts in the middle of May to get a ruling staying any actions in the US in order to give effect to the Scheme, but once again we are hopeful that we will prevail...With some luck we will soon see the end of all the legal manoeuvres and be in a position to concentrate on taking IAS Park forward to a bright future."