Billy Timmins (Wicklow, Fine Gael)
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Question 79: To ask the Minister for Enterprise, Trade and Employment the amount of funding due to the unsecured creditors of IFI; if the secured creditors have been paid; if so, the amount involved; when the unsecured creditors will be paid; and if he will make a statement on the matter. [12167/05]

Micheál Martin (Cork South Central, Fianna Fail)
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I understand that the liquidator has made considerable progress in realising the assets of the company and establishing the full extent of its liabilities. He has indicated that he hopes to complete the liquidation process later this year. At this stage, the main production sites at Arklow and Cork remain the principal assets yet to be realised. It is understood that contracts have been signed for the sale of the Arklow site and the sale is due to close in May. Discussions have also been taking place with a number of parties in relation to the Cork site. It is a matter solely for the liquidator to determine whether to accept any particular offer made.

I also understand that all claims from secured and preferential creditors have been paid at this stage. Reports by the liquidator on the progress of the liquidation covering the period to 7 November 2004 indicate that the secured creditors were paid almost €58 million while preferential creditors were paid nearly €10 million.

The statement of affairs presented to the creditors meeting in November 2002 estimated that the amount due to unsecured creditors was €72.7 million. Of this, €34.5 million relates to shareholders loans which the shareholders, ICI and the State have agreed, in principle, to subordinate in favour of the other unsecured creditors. While I do not have an up to date estimate of the amounts due to unsecured creditors, I am aware that significant additional liabilities to former employees in respect of contractual entitlements to redundancy terms have been recognised by the liquidator. In addition, the liquidator has accepted, in principle, that the trustees of the Richardson's superannuation scheme, covering the employees in Belfast, have an admissible claim on the liquidation but the quantum of that claim remains to be established. Claims have also been submitted by the trustees of the company's pension schemes covering employees in this jurisdiction and these are being considered at present.

The final position of unsecured creditors can only be determined by the liquidator when all the assets of the company have been realised and all liabilities established. The determination of any payments due to creditors of IFI is a matter solely for the liquidator.