Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

It is possible to read sections of accounts but, ultimately, the finding of the auditors was that it was a going concern and would continue as such. If it is the view that the Irish Aviation Authority somehow failed in its duties, it is open to the people concerned to take legal action against the authority. It is then, ultimately, for the courts to decide if that is the case. Based on its own advice, the Irish Aviation Authority, which is the statutory body responsible for this matter and not my Department, is confident that it was not negligent in any way.

The issue of phoenix companies causes huge anger and frustration but there is a reason why we have limited companies. If an honest businessperson has two businesses and one of them fails, it would not be right to allow the business that failed to bring down the good business. This is why we have limited liability - so that the failure of one business does not bring down other businesses.

I do not know if there are any issues here for the Office of the Director of Corporate Enforcement but if there are, I would expect the Irish Aviation Authority to make a referral to the relevant authorities. I am not aware of any referral.

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