Charlie O'Connor (Dublin South West, Fianna Fail)
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Question 188: To ask the Minister for Finance if his attention has been drawn to the fact that a company (details supplied) went into liquidation; if in these circumstances it is the case that ownership of building lands of such a company including common or green spaces in a Dublin estate transfers to his Department; if his Department can dispose of such lands; and if he will make a statement on the matter. [45241/08]

Brian Lenihan Jnr (Dublin West, 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 immediately prior to its dissolution (other than personal property or land held by such body in trust for another person). Section 29 of the Act deals with vesting of property in the Minister and Section 30 deals with the process whereby the Minister may secure definitive ownership of 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 State has no title documents and no knowledge of charges or encumbrances attaching to them. The title which the Minister acquires under this section has been described as a defeasible title since, if the dissolved company in question is restored to the Register of Companies, its property is automatically restored to it.

Section 31 of the State Property Act, 1954 provides that the Minister may waive the State's interest (in property which has vested in the State under Section 28 of the Act) in favour of such person and upon such terms (whether including or not including the payment of money) as he thinks proper having regard to all the circumstances of the case.

I am advised that neither my Department nor the Office of Public Works, which carries out much of the administrative work in this area, have been notified of the case to which the Deputy has referred in his question.