The Irish Auctioneers & Valuers Institute (IAVI) has learned with regret of the closure of Hassett Estate Agents with offices in Enniskerry and Greystones, Co. Wicklow.

The IAVI confirms that Hassett Estate Agents was an IAVI Member Firm until 31st December 2008 and that the Firm participated in the IAVI Voluntary Compensation Fund (see below for details).

The IAVI’s auditors visited the firm’s premises on three separate days in the weeks ending April 10th and 17th and the Institute has requested a report on the operation of the firm's Client Account. As the IAVI is taking legal advice, it is not appropriate to make more detailed comment at this stage.

The Institute advises clients and customers of Hassett Estate Agents, on whose behalf monies were lodged to the firm's Client Account, that if any net sum due remains outstanding, they should make contact with the IAVI as soon as possible to facilitate a speedy resolution of this matter. Once its queries have been resolved, the IAVI will contact any identified parties who may be entitled to make a claim against the IAVI's Voluntary Compensation Fund and ensure that these claims are dealt with speedily and efficiently. The initial email contact point is IAVI CEO Alan Cooke

• In the late 1970s the IAVI established its Voluntary Compensation Fund, the first such fund for the property profession in Europe. The Fund offers extra protection to the public in relation to paying deposits to an IAVI Member Firm in respect of real property transactions in Ireland.

• Approximately 450 IAVI Member Firms are covered by the Fund. IAVI Member Firm Status is generally available to practices where at least 51% of beneficial ownership is held by individual IAVI Members or Associate Members but must be applied for and granted annually. The IAVI Compensation Fund does not extend to any non-deposit sums or to deposits paid to any individual or firm that does not have IAVI Member Firm status.

• In the 32 years since its inception in 1977, the total value of claims paid from the Fund is in the order of IR£135,708 (€172,314). Prior to this year, the most recent payment made was in 1999 and amounted to a single claim of c. IR£47,500.

The IAVI wishes to clarify that the above firm has no connection with another IAVI Member Firm, Hassett and Fitzsimons, which continues to trade successfully at Olympia House, 61/63 Dame Street, Dublin 2.