Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank the Deputy for bringing this matter to my attention. The liquidation will proceed in accordance with the legislation which was passed by the Houses of the Oireachtas. The order of creditor preference will be in accordance with what is normal under company law. Unsecured creditors will be considered for any residual resources that are available after the preferred creditors and the NAMA situation has been paid.

As I said in my reply, meetings have been taking place between officials in my Department, officials in the Department of the Environment, Community and Local Government, and the liquidator. The Department of the Environment, Community and Local Government is now setting out to establish what is the full liability which will be suffered by local authorities around the country. When it has established what the full liability of all local authorities might be, it will then have the authority to come up with a programme to deal with this.

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