Mr. John Bryan:

That is a job for the receiver. If the books show a €2 million profit two years ago, how is there a €6 million gap now? The liabilities are €10 million so the receiver has a job to examine where the gap came from. That is not an area for the IFA to be involved in, as it would take in investments in Italy, the UK or Ireland. No more than in a mart or anywhere else, reckless trading was highlighted by Mr. Spellman and Deputy Barry. There is a duty on those involved with these processes. Unfortunately, farmers have had similar problems lately with regard to grain and poultry in Waterford. Companies take assets just before the receiver is called in and the farmer is left to suffer.

Deputy Ó Cuív asked if legislation can be changed and that is something for the long haul, although the issue must be considered. Mr. Spellman mentioned that the company was put in receivership with maximum debt to marts and farmers. If the process had begun four or five months earlier, the same debts would not have accrued for farmers. There is a blatant flaw in that receivers can be appointed at a time of maximum exposure to primary producers.