Company, which collapsed 15 months ago, are likely to know by next month how much of their investment they will get back.

Liquidator Mr. Gil Tucker, who said he had heard some "sad'' stories from local residentss who had bought policies with the company, said: "I'm not in a position at the moment to say how much people will receive.

"I do know, however, that there's not enough money that people will get 100 percent back.'' Mr. Tucker, of Ernst & Young, said the process of contacting all individual policyholders and notifying them of what they are legitimately entitled to receive was almost complete.

Once this has been done, a scheme of arrangement will be put in place to pay policyholders as much of what they are owed as possible.

"The vast majority of letters clarifying policies have gone out,'' he said.

"We're trying to move it along as quickly as we can. It is frustrating for policyholders, particularly coming up to the Christmas season, but we're doing what we can.

"We hope to have a plan in place in December saying who gets what which we hope will be able to satisfy policyholders.'' There have been unprecedented legal problems in Mr. Tucker's efforts to liquidate United Security because the company is registered and based in Trinidad and operated an unincorporated branch in Bermuda.

The Bermuda Supreme Court ordered the company to be wound-up in January of this year but legal observers are unsure of the court's authority to order the liquidation of a company outside its jurisdiction.

Although the order was for the entire company to be wound-up, only the Bermuda branch is currently being liquidated.

Mr. Tucker said: "I've been appointed liquidator of the whole company but I don't have a lot of authority in Trinidad.

"The company in Trinidad has not been wound up to date. We continue to hold discussions with the court-appointed administrators in Trinidad and we're finding them co-operative.''