asked the Minister for Transport and Power if he will ensure, having regard to the difficulty being experienced by a number of creditors of a company (details supplied) in obtaining payment of large sums of money due to them because of a guarantee issued under the Tourist Traffic Acts in respect of a loan of £20,000 to that company that the interests of the creditors will not be further damaged; what steps are being taken to protect the public moneys involved; and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Payment of Company's Creditors.
7.
The company in question was given a guarantee under the Tourist Traffic Acts in respect of the payment of a loan of £20,000 which it raised from a bank. The loan was secured by a debenture which created a first charge on all the assets of the company. The debenture is held by the bank. The claims of the other creditors rank after this debenture. The position of the company has been under examination and I have already arranged for steps to be taken in accordance with the debenture and in collaboration with the bank to protect the interests of the State.