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As is so often the case with recessions, the 2009 global economic downturn hit vulnerable members of society the hardest, with sufferers of asbestos-related diseases such as mesothelioma and asbestosis no exception. Nowhere was this more in evidence than Australia, where the James Hardie Asbestos Compensation Fund admitted that it would no longer be able to pay victims their settlements upfront in lump sums.
The James Hardie Asbestos Compensation Fund, which on its inception in 2006 was worth around $1.5 billion (Australian), stated that it was around $350 million short of being able to pay Australian victims of asbestos-related industrial diseases.
This shortfall is attributable to losses incurred by the construction giant in the American housing market, which is responsible for around 85% of its revenue.
Allowing Hardie to collapse could spell disaster for Australian victims, so it was suggested that the government should step in and pay them on Hardie's behalf until the company restores its profitability.
A spokesperson with the Australian Manufacturing Workers Union commented, "We think there are things the government can do.
"For example victims might be able to sign over their rights to the state government so that they get compensated in full until the fund can be replenished and then the state government can get their money back straight out of the fund."
Suggestions that the fund might pay victims settlements in instalments until they can cover the shortfall seem unworkable, with many expressing concern that instalments would leave those affected struggling to meet even the most basic costs, such as medical bills.
Cost free asbestos compensation claims - no cuts ever taken
The damage caused by asbestos is ranked as the UK's largest ever industrial tragedy.
Thousands of lives have been affected; in fact, one person is thought to die of a related illness every five hours, and the scale of the tragedy has not yet even reached its peak.
If you are suffering from an illness such as mesothelioma or asbestosis and wish to make a claim for compensation, the specialist solicitors on our nationwide panel can help you claim the settlement you deserve.
We have many years of experience in settling this type of litigation and possess an excellent success rate, even in cases where the relevant employer has gone out of business.
We are also represent claims made on behalf of the estates and dependents of deceased former asbestos workers, as laid out under the Law Reform (Miscellaneous Provisions) Act 1934 and the Fatal Accidents Act 1976.
When representing clients in this type of litigation, our representation is always completely cost free: win or lose, our claimants always remain protected from liability for all possible costs, fees and disbursements.
We are a 100% compensation provider: we never take a cut.
If you would like to speak with an advisor who can help you establish whether it might be in your interests to proceed, echat, complete an online claim form, or call us today, on 0800 10 757 95.
