On March 15, 2001, Australia¡¯s second largest insurance company HIH collapsed and an application for its liquidation was submitted. It soon escalated into Australia¡¯s biggest corporate failure in June after the insurer¡¯s final tally of losses was estimated to be about $3 billion in Australia and almost $5 billion worldwide, very well above the early estimate of $1 billion . HIH¡¯s demise was mainly due to the criminal and unethical activities that the company directors committed, as …showed first 75 words of 1223 total…

…showed last 75 words of 1223 total…Insurance Group. Additionally, some State Government have provided rescue packages for HIH¡¯s policyholders to free from the stranded situation due to the liquidation of the insurer. For example, a new levy on building permits could cover half the cost of a $35 million Victorian Government rescue package for victims of the HIH collapse. The investigation of HIH is still continuing, and it is a long-term battle for all the people who have been involved in.