Olwyn Enright (Laois-Offaly, Fine Gael)
Link to this: Individually | In context

Question 152: To ask the Minister for Enterprise, Trade and Employment the status of the liquidation of IFI; when its creditors will be paid; and if he will make a statement on the matter. [31634/05]

Micheál Martin (Cork South Central, Fianna Fail)
Link to this: Individually | In context

The determination of any payments due to creditors of IFI is a matter solely for the liquidator. The 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. In this regard, I understand the liquidator has made considerable progress in realising the assets of the company and establishing the full extent of its liabilities.

At this stage, the main production sites at Arklow and Cork remain the principal assets yet to be realised. Contracts have been signed for the sale of both these sites and I understand that it is hoped to close the sales in the near future. The main liability to be established at this stage relates to a claim made by the trustees of the Richardsons superannuation scheme, covering the employees in Belfast. The liquidator has accepted, in principle, that there is an admissible claim on the liquidation but the quantum of that claim remains to be established. The liquidator is engaged in discussions with the trustees of the scheme with a view to agreeing the quantum of the claim and hopes to do so in the near future.

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