Collapse of major companies.

[mournerambler]

Just heard on the news of the recievers being called into McNamara Construction, where will this mess all end?

http://www.rte.ie/news/2010/1112/mcnamara.html

[seafoid]

This recession is exposing Irish law and all of the elements it is missing

I saw on the news last night that there is no law to protect subcontractors' financial interests when a major builder goes broke. This is unacceptable. A fella on the news last night loses 200K because of this. Massive damage to a subcontractor. How much will the receiver get out of McNamara?

The other thing missing is a bank resolution law to determine how to put a dying bank out of its misery. Would have saved billions in the case of Anglo. 

[Capt Pat]

Apparently when a sub contractor signs a contract to do a job over a six month period, for say 100 grand a month to be paid monthly, if he doesn't get paid after month one he still has to carry on working month after month without getting paid. Until he eventually gets paid or the company ie McNamara goes bankrupt. Where is the sense in this?

[Norf Tyrone]

Talking to a guy yesterday who was sub contracting on a McNamara site, and when he turned up this morning all his gear was locked away. He's not out massive money, but he needs his stuff to get other jobs done!