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Dáil Éireann díospóireacht -
Thursday, 3 Nov 1966

Vol. 225 No. 2

Ceisteanna—Questions. Oral Answers. - Liquidation of Assurance Company.

127.

asked the Minister for Industry and Commerce the latest date on which an inquiry was sent to the liquidator of an assurance company (name supplied); whether the legal proceedings with another company in regard to this matter have yet been completed; whether the liquidator has intimated that he is now in a position to make a final return; and, if not, if he will ask the Oireachtas for the necessary statutory authority to enable him to intervene to bring this matter to a speedy conclusion, in view of the distress and anxiety it has caused the shareholders over the past number of years.

An inquiry was sent on 18th August, 1966. I have ascertained that the legal proceedings referred to have not yet been completed, that the affairs of the company are not fully wound up and that the liquidator is not yet in a position to make a final return.

The liquidation of this company has been protracted because of legal proceedings and the fact that the liquidator has had difficulty in contacting some of the shareholders.

As regards the last part of the question, it is necessary to bear in mind that this is a voluntary winding up based on a decision taken by the shareholders themselves. It is, therefore, a domestic matter as between them and the liquidator and it would not be appropriate to endeavour to interfere with the legal rights of the parties in question. Aggrieved shareholders have certain statutory rights which they may exercise where they feel that the liquidation proceedings are not being properly conducted.

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