A Guernsey insurance company collapsed, now directors and the auditor face damages claims topping a combined $240m

When GBG Insurance collapsed with a reported $74m. hole in its books it sent ripples around the world.

Suddenly people receiving critical care were left not knowing if their treatment would continue - an emergency hotline was set up but there were no guarantees.

Hundreds of staff lost their jobs, people with insurance claims were left in limbo or ultimately out of pocket.

Around 140,000 insurance policies that had been covering people, businesses and charities in over 120 jurisdictions across North America, Latin America, Europe, Asia-Pacific, China, the Middle East and Africa were in jeopardy.