Results 8,421-8,440 of 27,945 for speaker:Michael McGrath
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: That could take years.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Can Mr. Mercieca clarify that if the legal issue surrounding the potential liability of the Motor Insurers' Bureau of Ireland is clarified, the liquidator will still be unable to make payments?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Okay. I suppose what Mr. Mercieca is-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: I can see that, and am coming to that issue among others, but I am unclear. A few moments ago, Mr. Mercieca stated that he could not make any payment until the full extent of the liability had been clarified. It will not be clarified until 1,619 cases have been concluded. Even if the Motor Insurers' Bureau of Ireland legal issue is concluded, is Mr. Mercieca saying that he is prohibited...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: In Malta.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Will any claimant receive money from the liquidator, as opposed to the Insurance Compensation Fund, ICF, and the MIBI, until after all of the court cases have been concluded?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Mr. Mercieca has no discretion in that matter.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: It is provided for in Maltese law.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: On the potential role of the MIBI, it is clear that the initial advice from the Attorney General sits alongside alternative advice that the accountant has received and at the very least puts a question mark over the Attorney General's advice. Having read the extract from the senior counsel's opinion that the Courts Service received and given the mandate within which Mr. Quigley must work, I...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: If the finding is that the MIBI does not have a liability, can Mr. Quigley proceed with his application to the High Court and can the ICF pay out ahead of any payment from the liquidator to claimants?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: I will ask further questions in a minute.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: What I have heard so far, and please correct me if I am wrong, is that of the 1,748 claims, no claimant has received a cent since the company was put into liquidation, no one can say with any certainty when any money will be paid out to a claimant, and no one can rule out the possibility that claimants will suffer a loss at the end of this. Is there anything inaccurate in any of that?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: What level of communication is ongoing with claimants?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Are claimants being proactively contacted and given updates or is the onus on them to check in with the liquidator?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Some time ago I saw a letter issued by a solicitor acting on behalf of the liquidator warning a former Setanta policyholder that he may be personally liable in the event that a third party injury claim succeeds and there is insufficient money to settle the claim. The letter went on to say that such a successful third party claim could result in a judgment being registered against the former...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Is it the case that the liquidator has not instructed lawyers to issue such letters that Mr. Mercieca is aware of?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Does Mr. Quigley know what led to the intervention of the Law Society regarding the role of the bureau?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: The insurance compensation fund, ICF, can only apply to the court for permission to make a payout every six months in the case of a foreign company that has been liquidated, so it has to bundle the cases. It has not gone yet because of the outstanding court cases. Is that the position?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: My next question is for the liquidator again. Can he give the broad categories of the 483 claims that are not eligible for payment from the compensation fund? Do they involve companies and so forth?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Setanta Insurance Liquidation: Discussion (1 Apr 2015)
Michael McGrath: Regarding the company law in Malta that governs a liquidation process, is the hierarchy or ranking of creditors who get paid in the scenario similar to Irish law or are there differences between Maltese and Irish law in terms of the distribution of resources?