Courts / Dublin / Report

'Coach and four' can't be rode through insolvency legislation, State tells long-running €6m pension deficit case

Summary

The State barrister argued that lawyers for liquidator Kieran Wallace could not claim more than €6 million from the Employers' Insolvency Fund for the insolvent pension scheme of Protim Abrasives Ltd. Wallace, acting as liquidator, had challenged the Department of Social Protection's refusal to pay the pension fund from the fund. The tribunal heard that pensioners, who should receive about €8 000 a year, had not been paid for some time. The State maintained that the claim could only be for the lesser of the contributions due in the 12 months before insolvency or an actuary‑certified amount. Frances Meenan said the claim could not "ride a coach and four" through the legislation. The case remains a novel dispute over the extent of the pension deficit and the statutory limits on the fund's liability.

Who, what, where, when and why

What: Report matter: 'Coach and four' can't be rode through insolvency legislation, State tells long-running €6m pension deficit case. Procedural stage: trial

When:

• 15 September 2008 Other
• 2024-03-15 Publication

Why: The tribunal has heard the liquidation process for the Dublin-based firm, which dealt in chemicals and wood preservatives, is now into its 15th year because of the complexity of the winding-up process, including the unresolved question of its pension scheme deficit. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report