WilDDog Posted June 23, 2005 Share Posted June 23, 2005 They should be brought to account as they have clearly failed in their statutory duties to the island. Agreed. Link to comment Share on other sites More sharing options...
Mission Posted June 23, 2005 Share Posted June 23, 2005 I thought the MEA was govenrment owned so FCMR's post is confusing me somewhat. Are they privately owned or a public utility? Link to comment Share on other sites More sharing options...
Alias Posted June 23, 2005 Share Posted June 23, 2005 They are government owned. Link to comment Share on other sites More sharing options...
manxman2004 Posted June 23, 2005 Share Posted June 23, 2005 "A bid for an independent inquiry was abandoned by Onchan MHK Peter Karran late on Wednesday." - does anyone know why? Link to comment Share on other sites More sharing options...
Rog Posted June 24, 2005 Share Posted June 24, 2005 "A bid for an independent inquiry was abandoned by Onchan MHK Peter Karran late on Wednesday." - does anyone know why? <{POST_SNAPBACK}> With the rest of the snake pit voteing against him I would have thought the answer was rather obvious. Link to comment Share on other sites More sharing options...
FCMR Posted June 24, 2005 Share Posted June 24, 2005 I thought the MEA was govenrment owned so FCMR's post is confusing me somewhat. Are they privately owned or a public utility? <{POST_SNAPBACK}> Privately owned (Board of Directors) Link to comment Share on other sites More sharing options...
Amadeus Posted June 24, 2005 Share Posted June 24, 2005 By whom? Thought I'd seen a remark further up, that said "Gov owned" - confused Link to comment Share on other sites More sharing options...
Rog Posted June 24, 2005 Share Posted June 24, 2005 I thought the MEA was govenrment owned so FCMR's post is confusing me somewhat. Are they privately owned or a public utility? <{POST_SNAPBACK}> Privately owned <{POST_SNAPBACK}> Then the Manx Government should institute bankruptcy proceedings and nationalise it. Link to comment Share on other sites More sharing options...
FCMR Posted June 24, 2005 Share Posted June 24, 2005 The MEA was formed by the joining together of the Douglas Corpy Electricty and the IOMEA in or about 1984,its control set up by means of a statutory board of Directors who had the responsibily of the day to day running and financing of the company, As a Statutory Board they did not have to answer or comply with all of Government regulations the same as a private company. This was tested last year when the new power station was being built, complaints were made to the MEA and the DTI that PGT were not complying with the rules set out by Government, ie Only Government approved contractors could be employed by the MEA if it was Government owned, this complaint was kicked out by the MEA quoting that they were a private company and could employ who they liked and this was tested quite a few times. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted June 24, 2005 Share Posted June 24, 2005 I thought the MEA was govenrment owned so FCMR's post is confusing me somewhat. Are they privately owned or a public utility? <{POST_SNAPBACK}> Privately owned <{POST_SNAPBACK}> Then the Manx Government should institute bankruptcy proceedings and nationalise it. <{POST_SNAPBACK}> Is it bankrupt? Link to comment Share on other sites More sharing options...
Tugger Posted June 24, 2005 Share Posted June 24, 2005 I thought all the debt was in the cable-owning subsidiary. Link to comment Share on other sites More sharing options...
FCMR Posted June 24, 2005 Share Posted June 24, 2005 Is it bankrupt? <{POST_SNAPBACK}> Its against the law to Trade while insolvent and if the MEA can not meet is costs and continue to trade at at loss is insolvent. Ltd companies have limited liabilities, what protection to creditors have if the MEA can not pay its bills, it could force other companies to fold, thats were the insolvancy laws come in (Fixed Quotes - Obs) Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted June 24, 2005 Share Posted June 24, 2005 Is it bankrupt? <{POST_SNAPBACK}> Its against the law to Trade while insolvent and if the MEA can not meet is costs and continue to trade at at loss is insolvent. Ltd companies have limited liabilities, what protection to creditors have if the MEA can not pay its bills, it could force other companies to fold, thats were the insolvancy laws come in <{POST_SNAPBACK}> Surely insolvency is the carrying on of trade without the hope of meeting its liabilities. There is a continuing income stream so I doubt that it could be called insolvent. (Fixed Quotes - Obs) Link to comment Share on other sites More sharing options...
Amadeus Posted June 24, 2005 Share Posted June 24, 2005 So what exactly would that mean for Joe Average? Are we gonna sit in the dark, is the bill going to be picked up by the gov or are the already horrendously high electricity prices going to go up further?... I'm telling you, I was serious about that Hamster Powerplant... Link to comment Share on other sites More sharing options...
FCMR Posted June 24, 2005 Share Posted June 24, 2005 Is it bankrupt? <{POST_SNAPBACK}> Its against the law to Trade while insolvent and if the MEA can not meet is costs and continue to trade at at loss is insolvent. Ltd companies have limited liabilities, what protection to creditors have if the MEA can not pay its bills, it could force other companies to fold, thats were the insolvancy laws come in <{POST_SNAPBACK}> Surely insolvency is the carrying on of trade without the hope of meeting its liabilities. There is a continuing income stream so I doubt that it could be called insolvent. <{POST_SNAPBACK}> work it out for yourself (Fixed quotes - Obs) Link to comment Share on other sites More sharing options...
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