Welcome.
My name is Michael Monahan, and I'm a Sligo based Solicitor.
I've decided to set up a blog, to be able to share the information about interesting legal issues, that might affect you or any other person living in Ireland. I hope you'll find the blog interesting and usefull
For even more info please visit MichaelMonahanSolicitor.ie
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4 comments:
The first thing I want to blog about is why it takes so long to clear cheques through banks.
We're told it takes 5 days so if we lodge clients cheque we can't draw on it until its cleared into our account.Why can some countries clear cheques electronically in the same day.Is it another case of no money being spent on the back office workings while the front office worked on lending to everybody? I understand one day alone the bank get the value for overnight interest.
Anyone have ideas on this?
PIAB was set up with the intention of speeding up claims resolution. What seems to be happening is that Insurance companies are now actually trying to settle claims .....before you lodge with PIAB. Changed times ! For years you'd sent" kick off "letter to Insurance Co.No response for months. Quinn Insurance changed all this .They get on the mobile the week of the accident and offer money,
Sometimes a bit too quick they really don't care whether you're recovered or not. Experience shows they will offer up to double the value of the claim....just to keep out of the PIAB-- the system they agreed along with all Insurance Companies to set up!
Big news in debt collection ,previously you had to get judgement and then send it to the Sherriff who would return it saying "nothing to collect from the debtor"
From January 09 if you have a genuine claim eg stopped cheque you can apply to issue a bankruptcy summons ,serve it and let the debtor sweat for three weeks to see if you are going to actually make them bankrupt.
Even better news for pursuing company directors who walk away from their liabilities/responsibilites.The High court is allowing claims against Directors personal assets and the possibilty of jailing directors for trading when insolvent.
The Office of Corporate enforcement has 40 people and needs probably 400. Their time will be taken up with the Fitzpatricks and Flavins of the business world.The company s office is more concerned about late filing of returns and imposing fines than pursuing the promotors of the 50000 abandoned companies in Ireland today.
let me know what you feel about any of these comments ?
The Law Society has Indemnity insurance as a requirement on all practitioners. This means if ths solicitor is negligent a claim can be made if the client suffers loss/damage. Fine this worked fine until Some Solicitors gave Promises (Undertakings) that they now cannot honour. Examples include undertaking to pay proceeds of sale from sale of property when completed to the Lending Bank.
What happens if the property does'nt sell? The bank look for the money and if undertaking is'nt worded correctly i.e. payment if and when there's a sale, the lender want someone to pay.
Claims have increased a lot and now a yearly premium of E20,000 PER SOLICITOR. is being forcast as next years premium-- about double the present rate whether you had a claim or not.
This will impact on single practitioners and may well force some to cease practise.
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