Ireland: XS Direct Brokers Failed to Pay Bonus

The Workplace Relations Commission in Ireland has made an award against XS Direct Insurance Brokers, which has gone into administration.

Employee Thomas Doyle made a complaint against insurance broker, reports the Irish Times, on November 15th, 2021, relating to his entitlement to annual bonuses. Despite reaching two sets of targets during 2019 and 2020, bonuses were not paid to him. Each annual bonus was worth €22,155.

Mr Doyle attended the hearing at the WRC but there was no appearance by, or on behalf of the respondent, or the receivers. There was a judgment made that compensation was due, with an amount of 60,926 euros being the figure.

At one point XS Direct was predicted to make a debut on the stock market, with an IPO paying back investors like Irish restauranteur Jay Bourke. But that didn’t happen and XS Direct went into run-off early in 2022, with debts reported to be about £20m. It isn’t clear how anyone owed monies in an employment dispute will win the amount awarded now the company has ceased trading.

 

 

About alastair walker 9636 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.