Billy Timmins (Wicklow, Fine Gael)
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Question 206: To ask the Minister for Enterprise, Trade and Employment when the liquidator appointed to IFI will complete the liquidation process; the terms of reference or job description for this person; and if he will make a statement on the matter. [25444/05]

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. While it may take some more time to finalise all outstanding matters, I understand that the liquidator hopes to be in a position to make at least an interim payment to creditors before the end of the year.

The liquidator was appointed to the company concerned in accordance with the provisions of the Companies Acts. The main legislative provisions concerning liquidators are set out in Part VI of the Companies Act 1963, Part VI of the Companies Act 1990 and Part 5 of the Company Law Enforcement Act 2001. The general functions of liquidators are to: inquire into the company's affairs; realise its assets; pay its debts; and distribute any surplus to the members.