Gerald Nash (Louth, Labour) | Oireachtas source

One of the first actions that was taken in the context of the Clerys liquidation was the undertaking of a review by me of the circumstances around it. We were all appalled at the treatment of the Clerys workers and concession holders. We were very focused on the need for the Department of Social Protection, as the main creditor who had to pay out of its insolvency fund for statutory entitlements as workers were left high and dry, to become members of the committee of inspection under the liquidation process. The Department of Social Protection has been working at a very senior level with the liquidators. It is still possible that, outside the process the Minister, Deputy Richard Bruton, and I initiated last week, we could look at the interface between employment law and company law and see how workers and creditors can be better protected. A review of certain aspects of company law as it applies to situations like this is possible via the Company Law Review Group and it is still open to a creditor, under section 599 of the Companies Act, to go after related assets of a company in circumstances such as these.

The liquidation has not been completed yet. I am aware from media reports that Deputy Calleary has written to the ODCE relating to certain aspects of the applications of company law to cases like this.

See this speech in context