Administrators appointed to Quinn Group- Update: Quinn declared bankrupt by High Court

[johnfás]

But, there is no position of "Administrator" under Irish company law? Or is there an exemption for insurance?

Not under company law - there obviously is under parts of the Financial Regulation Acts and the Insurance Acts. They would have mechanisms which are outside the ambit of ordinary company law. Alot of it originates in European Directives. That is why we never hear of it, one suspects it is the first time the power has been used.

[ZANU-FF]

I will call Joe DuFFy on the Whineline and find out

[Digout]

why is there not some complex procedure for me when i don't pay up?

Because u = small fish. You get sent to the Joy. But a big FFish can do as it pleases.

[johnfás]

why is there not some complex procedure for me when i don't pay up?

I'm not sure the issue is, yet, their not paying up. More like using the money from one part of their business to pay off another and in doing so breaching various reserve requirements. They got a fine from the regulator last year for doing this so it would be unsurprising if it was the same issue but a repeat/more serious offence (see here). One thing leads to another though because it would be a strange piece of business to do if your business weren't in trouble. Its the kind of thread which you find unravelling companies.

[Digout]

Not under company law - there obviously is under parts of the Financial Regulation Acts and the Insurance Acts. They would have mechanisms which are outside the ambit of ordinary company law. Alot of it originates in European Directives. That is why we never hear of it, one suspects it is the first time the power has been used.

This is interesting, I have had some dealing with the regulator and they were very thorough with me.

[Xray]

Be that as it may, in general terms AIB owe me 8% on the 3.5 billion loan I gave them. Then cant do it, its ok though. Many others with massive loans to my bank Anglo will not be paying and will continue to live in castles on a nice income.

If I did not pay my credit card or any loans they would turn me inside out, if I missed any little bit of tax they would come for me. Its one rule for one it seems to me. You are either out of money or not, you either owe money or you don't. Everything else is smartarsey.
How about I live by the same code and take a rake of money, break a load of financial rules, but an Audi TT and live in a nice house and refuse to pay, will that be OK?

[johnfás]

Digout, I suspect the term administration is used in the relevant legislation which grants these powers to the financial regulator specifically in order that a clear delineation is made between it and examinership (and other insolvency proceeding). It becomes confused because the UK system uses the term administrator in respect of our examinership mechanism.

[Digout]

Its one rule for one it seems to me.

One rule for FF, one for everybody outside the gang.

[C. Flower]

This is interesting, I have had some dealing with the regulator and they were very thorough with me.

Yes, there was a report last year that the Financial Regulator's office was using most of its highly-paid staff chasing small firms for minor matters at the time that other people were playing roulette with billions of investors money.

[Xray]

how did you get on with that tax letter in the end Digout?

[Digout]

how did you get on with that tax letter in the end Digout?

Have not heard a thing.

[Digout]

Yes, there was a report last year that the Financial Regulator's office was using most of its highly-paid staff chasing small firms for minor matters at the time that other people were playing roulette with billions of investors money.

They tend to come down hard on small brokers over minor items. I know of one broker that was shut down over an innocent dispute over a sum less than €10k.

[johnfás]

Yes, there was a report last year that the Financial Regulator's office was using most of its highly-paid staff chasing small firms for minor matters at the time that other people were playing roulette with billions of investors money.

I think it is well established at this stage that the financial regulator was not fit for purpose. This is of course unsurprising on a numerous fronts - the size and closeness of the business community for example.

But most particularly, the politicisation of these offices. Regulation, of any form (talking broadly, not in terms of light touch regulation of financial markets pe se), is meant to be someone treading softly whilst carrying a very large stick. One you politicise the regulator, the stick ceases to exist because it becomes political... it is replaced with just treading softly, or in our case, not treading at all.

[Xray]

I think it is well established at this stage that the financial regulator was not fit for purpose. This is of course unsurprising on a numerous fronts - the size and closeness of the business community for example.

But most particularly, the politicisation of these offices. Regulation, of any form (talking broadly, not in terms of light touch regulation of financial markets pe se), is meant to be someone treading softly whilst carrying a very large stick. One you politicise the regulator, the stick ceases to exist because it becomes political... it is replaced with just treading softly, or in our case, not treading at all.

That depends what his purpose was, I suspect he did a sterling job myself.

[Digout]

That depends what his purpose was, I suspect he did a sterling job myself.

http://www.herald.ie/national-news/e...y-1635637.html