Negligence claim against employer

My employer has a substantial negligence claim against him and it is going through the High Courts in the very near future.

The insurers are hoping to settle out of court before then (as I don't think he has a leg to stand on) but my question is does anyone have any idea what will happen either way to

a) Us the employees

b) The remaining clients

Will he be able to continue practising if the insurers settle out of court or will the practice have to close?

I am very uneasy about the whole situation as he (the boss) has been lying to the insurers (and the defence lawyers) about various matters and making up documents after the event etc and I feel in a very vulnerable position.  For example should we be reporting him to ICAEW or SOCA or anyone else, for this?   

Our jobs are at stake whatever we do so any advice or views would be greatly appreciated as we are all very worried about our future here.