Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Let us suppose a receiver is appointed to a business. I know the Department officials will make a distinction between whether it is a company or otherwise. In the case of a company the provisions of the Companies Act will apply. Who is the receiver accountable to? What obligation, if any, does the receiver have to the business that is the subject of the appointment?

My experience is that no information is shared with the business owner – the debtor – who is the subject of the appointment. Business owners are kept completely in the dark. The business is being run by the receiver. In some cases, it is being run into the ground. Fees mount and mount and are allowed to get to a ridiculous level. There seems to be no accountability or transparency around it.