Financial management is, reputedly, a highly regulated field. Whether that is so in Ireland is already in doubt. The Madoff Mess may show the truth of the situation. That aside, Ireland’s financial regulatory laws make provision for claims in civil law for breaches of certain duties imposed by statute. The facts of each case will determine if these are available to investors to recover their losses.
A sensible arrangement for the Government indemnity would have made provision for Ireland to be entitled to receive a proper portion of compensation recovered from farmers and/or the pig feed supplier.
The council applied for an injunction to effect entry for the replacement contractor. Mowlem, in resisting the application, claimed that the only loss accruing to the council was a loss of time and that was capable of being remedied under the terms of the contract, which fixed liquidated damages for the delay
Each purchaser in a supply chain has a claim for breach of contract against the supplier. Thus, the shops and retailers generally in Ireland are obliged to make good the loss to the consumer by the breach of contract. That loss, currently is measured by the cost of the defective product. (The burden of proving the product is defective lies on the purchaser, but that is an issue unlikely to represent a problem).
And what are we to make of the expert group? We already pay for the personnel of the Law Reform Commission. Why should we have to pay for another group of persons duplicating its work?
It has been the practice of art galleries in Ireland to keep the very identity of purchasers secret from the artists who the gallery “represents”.
It is better that that litigation is only the proceedings taken against you. The alternative is that you find yourself in those proceedings and a new second set of proceedings in which you are the plaintiff and “your” erstwhile insurer is the defendant.
At the time I made no reference to its terms. I do now. It is badly written. It is a challenge, for instance, to find the provision under which the Main Contractor is obliged to make payment to the sub-contractor (Clause 11).
A plaintiff in Ireland claiming general damages for a deficient holiday is more likely to be successful than a similar plaintiff in the UK.