Old PMPA still a burden

THE old PMPA insurance company, which was saved from collapse by Government intervention 12 years ago, may still require State…

THE old PMPA insurance company, which was saved from collapse by Government intervention 12 years ago, may still require State funds to meet outstanding insurance claims, estimated at the end of 1994 at £5.78 million, the High Court was told yesterday.

Almost £2 million has also been paid over 12 years to the administrator of Primor plc (formerly PMPA Insurance plc). The President of the High Court, Mr Justice Costello, allowed the latest appointee as administrator, Mr Vincent Clancy, fees of £330,912 for the year 1994-95. These fees do not include the substantial legal costs incurred by Primor in its unsuccessful litigation against two firms of accountants.