asked the Minister for Industry and Commerce if his Department has carried out any investigation into the operation of a company and a society (details supplied) which went into liquidation in 1984 owing depositors in this country substantial sums of money; if he intends to take any legislative measures to tighten controls on the operation of firms such as this; and if he will make a statement on the matter.
Written Answers. - Investigation of Society.
49.
Limerick East): The company in question is a Gibraltar registered company which was wound-up by the Supreme Court of Gibraltar in 1984. The society is Irish registered but it is not in liquidation.
The Registrar of Friendly Societies has conducted certain inquiries into the business of the society. It appears from the information available to the Registrar that the society accepted deposits in the period 1975 to 1978 but that these were either repaid before the Industrial and Provident Societies (Amendment) Act, 1978, came into force or were transferred to the Gibraltar registered company with the agreement of the depositors concerned. The liquidation of that company is proceeding in Gibraltar; as the company operated outside the jurisdiction of the State there is no action that I or the Registrar of Friendly Societies can usefully take in relation to its affairs.
In so far as new legislative measures are concerned, I would point out that the Industrial and Provident Societies (Amendment) Act, 1978, precluded deposit-taking by societies; it would not be possible to legislate in respect of companies registered and operating outside the State.