Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

So there has to be an outcome. Sometimes people can bring liquidation applications which ultimately do not succeed. A creditor can and they may not succeed. It will ultimately depend on an order from the court that it is wound up.

Is there an extraterritorial effect? It is imposing an EU directive. If I am a holidaymaker in Spain and the insurance company I am insured with in Spain goes insolvent, what protection do I have? Do I claim off the Irish compensation fund even though it is a Spanish insurer that has gone insolvent? It may be a complex question, but it is an issue that can arise for tourists and holidaymakers.