State could be sewed under EU law for not protecting Waterford pensions.

Run_to_da_hills

The government may face significant damages claims for its failure to protect the pension benefits of Waterford Crystal employees, in the event of insolvency of the glass plant, according to a leading EU law specialist.

http://www.sbpost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=39217-qqqx=1.asp

Permabear

This post has been deleted.

The Raven.

Maybe they could sue if they have it sewn up !!

EastWallGirl

Hi

Can I ask where the pension fund went to? Surely like wages it should be a priority to protect it when it all goes wrong.

For example if they sold the factory surely the wages, pension fund members and secured lenders are the first cabs off the rank so to speak.

Should there be some sort of law about clawing back director assets/bonuses to pay liabilities?

ejmaztec

The Raven. wrote: »

Maybe they could sue if they have it sewn up !!

It wouldn't be the first time that the government has tried to stitch up the EU as regards its legal obligations.

ninty9er

EastWallGirl wrote: »

Hi

Can I ask where the pension fund went to? Surely like wages it should be a priority to protect it when it all goes wrong.

For example if they sold the factory surely the wages, pension fund members and secured lenders are the first cabs off the rank so to speak.

Should there be some sort of law about clawing back director assets/bonuses to pay liabilities?

I imagine some of it was held in shares on the company which are now worthless, as well as the collapse of the global stock market partnered with no cash to fund the shortfall this year.

mikom

Run_to_da_hills wrote: »

State could be sewed under EU law for not protecting Waterford pensions.

Well, you know what they say. "A stitch in time saves nine".
:pac: