Long before the implosion of the banking sector, Ireland had already gained the reputation as the wild west of financial services.

When questionable transactions needed to be carried out the offices of General Re and its sister company Cologne Re were on hand.

For more than a decade John Houldsworth was the driving force of the companies (which are owned by billionaire investor Warren Buffet).

The company operated below the radar in Ireland as virtually all of its work was carried out overseas.

The collapse of HIH, though, attracted the attention of regulators in
Australian and Houldsworth was
banned from working in the financial sector there.

It was another contract that finally brought an end to the company's activities. It arranged transactions for American insurance giant AIG that were described by US prosecutors as a "sham".

Houldsworth and other General Re executives were charged by US prosecutors. He escaped a prison sentence by cooperating with the investigation.

The negative publicity surrounding Cologne Re saw it wind up its activities in Ireland.

According to filings at the Companies Registration Office it had $177m of assets and $134m of shareholders' funds to distribute on winding up.