Christopher Hughes have begun work to satisfy the company's 100 creditors who are owed an estimated $75 million.

The joint liquidators were appointed by the Supreme Court on April 7, following the first creditors' meeting on March 26.

Mr. Mitchell, of Coopers and Lybrand affiliate Cork Gully, Bermuda, and Mr.

Hughes of Cork Gully, London, took over from Official Receiver Mr. Malcolm Butterfield who acted as provisional liquidator from the time the company was wound up in July last year.

Mr. Mitchell said yesterday the liquidators had received 100 proofs of debt totalling $75 million. He could not estimate how long the liquidation would take, nor say when a first payment would be made to creditors.

Aneco chairman Mr. Mark Hardy moved a motion to block the appointment of Mr.

Mitchell and Mr. Hughes or anyone involved with Coopers and Lybrand during the first meeting of creditors. But creditors rejected the motion.

The motion implied there may be conflicts of interest if the liquidators of Mr. Hardy's other companies, Forum Reinsurance and Focus Insurance, were also involved in the liquidation of Aneco.

Mr. Mitchell is one of three defendants, all of Coopers and Lybrand, in a lawsuit by Mr. Hardy who is seeking $90 million in damages for "conspiracy'' to injure his business interests.

The writ filed earlier this month and heard last week at the Supreme Court seeks damages against Mr. Mitchell, Mr. David Lines and Mr. Kirkland Cooper, their firm Cooper & Lines, plus affiliates Cork Gully, Coopers and Lybrand Deloites, Coopers and Lybrand, and Coopers and Lybrand (Cayman Islands).

It was filed by the legal firm of Hall, Duncan & Trott on behalf of Mr. Hardy and his firms, Villarosa Establishment, of Liechtenstein, and Magnolia Trading SA of Panama.

The legal action is in connection with the accountants' work as liquidators of Mr. Hardy's Bermuda-based insurance interests, Forum Re, Focus, and Aneco.

Mr. Hardy believes the accountants made decisions during the liquidation activities which have damaged his other business interests and lessened his ability to meet his financial commitments to creditors of his Bermuda firms.