Investors in the collapsed Cork stockbroking firm, W & R Morrogh, can now apply for compensation through the Investor Compensation Company Limited.
Under Stock Exchange rules losses of just £15,700 (€19,935) are covered under the Central Bank's investor compensation scheme.
The brokerage's 9,300 investors have been sent forms from the ICCL and have until December 20th to apply for compensation.
The details of the compensation scheme also appeared in national newspapers over the weekend.
W & R Morrogh was ordered to cease trading following the discovery of financial irregularities last April.
It had been operating in Cork since 1895, and was considered one of the State's most respected independent stockbrokers.
The company was wound up by the High Court in late May with total losses of £5.5 million in spite of an injection of £2.4 million by senior partner Mr Alec Morrogh, who had sold the firm's London Stock Exchange shareholding.
The stockbroker's junior partner, Mr Stephen Pearson, had been gambling futures and losses and eventually turned to embezzling funds from clients to meet losses.
One of W & R Morrogh's employees had found an entry in a journal which indicated a misappropriation of funds and had contacted the Central Bank.
In a High Court hearing in May it was revealed that Mr Pearson had incurred losses in similar circumstances in 1993 which his father had repaid. The incident was never reported to the Central Bank or to the Stock Exchange.
Mr Pearson joined W & R Morrogh in the 1980s and had a 40 per cent share in the firm.
The bulk of investor losses are said to be £15,000 to £45,000. However, a sizeable number of investors have reported losses exceeding £50,000 and up to £500,000.
Members of the medical community in Cork are said to have been particularly hit by the collapse of the firm.
Mr Tom Grace of PriceWaterhouse Coopers was appointed as receiver of the firm in April and will hear claims under the Investor Compensation Act 1988.
Compensation will be paid to all eligible investors within three months of the date on which the investors' loss was advised to the ICCL by the administrator.
Clients of W & R Morrogh who have not received correspondence from ICCL are asked to contact the compensation company immediately.
