Earlier this year Fianna Fáil finance spokesperson Michael McGrath talked about the rising frustration among Irish claimants of insolvent provider Setanta Insurance… now the liquidator of the Malta-registered firm is saying the already long wait would become even longer if former directors and others were brought to account for wrongful trading.
The Sunday Times cited Paul Mercieca as stating that chasing these officials would cause further delays to the process, not to mention incur costs that might even be higher than the amount to be recovered. In other words, it might not be a good idea to pursue, at least from a financial perspective.
Mercieca’s insights were shared with creditors during an annual meeting.
Setanta, which left Ireland with millions of euros in outstanding claims when it collapsed in 2014, also had beneficial owners.
“This whole sorry saga has developed into a nightmare for many claimants,” McGrath said previously.
Meanwhile four months ago more than 800 individuals were reported to have been partially compensated to the tune of €14.6 million.
