Pat Rabbitte (Dublin South West, Labour)
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Question 139: To ask the Tánaiste and Minister for Finance the circumstances in which an estate (details supplied) in County Cork which became State property on 1 September 1972 on the dissolution of its registered owner was sold to a person on 6 October 1986 for the sum of £160 and was then sold by that person on the 22 December of the same year to another person for £20,000; if he has satisfied himself the State received adequate consideration for the sale of its property; if this transaction was examined as to its propriety; the steps taken by his Department to safeguard the property interests of the State in such transactions; and if he will make a statement on the matter. [30052/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Under Section 28 (2) of the State Property Act 1954, the Minister for Finance assumes responsibility for all personal property and land vested in or held in trust by a body corporate (other than personal property or land held by such body in trust for another person) immediately prior to its dissolution. Upon the dissolution of the body corporate, such property becomes State property. The effect of Section 28 is that the Minister does not hold the assets of dissolved companies as beneficial owner. He holds them in trust. The title which the Minister acquires under this section has been described as a defeasible title since, if the dissolved company is restored to the Register of Companies within twenty years of the date of its dissolution, its property is automatically restored to it.

In regard to the case which is the subject of the current question, I am advised that the transactions referred to have no connection with my Department as the dates on which they are alleged to have occurred all predate 23 December, 1986, the date on which the company which held the title to the estate referred to was dissolved by being struck off the Register of Companies.

The company in question was restored to the Register of Companies in December 2006. This had the effect that such interest in the estate as was held by the company at the date of its dissolution reverted to the company upon its restoration. Consequently, the State has no interest in the property at present.