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Dáil Éireann díospóireacht -
Tuesday, 5 Feb 2002

Vol. 547 No. 3

Written Answers. - Independent Insurance Company Limited.

Brian Hayes

Ceist:

76 Mr. B. Hayes asked the Tánaiste and Minister for Enterprise, Trade and Employment the reason an administrator was not appointed to act on behalf of interested parties as a result of the collapse of a company (details supplied) in respect of dealings with a liquidator, the payment of outstanding claims and other issues as had been undertaken in the case of two companies (details supplied); and if she will make a statement on the matter. [3406/02]

Independent Insurance Company Limited, IICL, is a UK-authorised insurer. Accordingly, responsibility for ensuring that IICL could meet claims from its policyholders lay entirely with the UK authorities who were responsible for the financial supervision of the company.

Because IICL is a UK company, it would not be possible for me to petition the court here for the appointment of an administrator, as was done previously in the case of Irish companies. The present position is that IICL is in provisional liquidation and the liquidation process must be dealt with under UK law.

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