Vol. 486 No. 3
104 Mr. Callely asked the Tánaiste and Minister for Enterprise, Trade and Employment if her Department will investigate the accounts of a club (details supplied) in Dublin 3 in view of the recent developments, particularly the newspaper articles (details supplied) of 18 and 25 January 1998; and if she will make a statement on the matter. [2395/98]
I understand that a receiver was appointed to Squash (Ireland) Limited on foot of a debenture held by Lower Mount Limited, previously known as Lower Mount Nominees Limited. Where there is a charge or contract between the company and the lender, the entitlement of the lender to appoint a receiver is largely governed by the contactual terms. In addition, I am advised that, on 9 February next, an application will be heard by the high Court on the petition of a creditor for the appointment of a liquidator. The creditors of companies in receivership may enforce their rights under the Companies Acts, 1963 to 1990, by applying directly to the High Court. It is also open to such creditors to appear when the petition for the winding up of the company by means of a liquidation is heard.
As the case is before the courts at present, and as creditors have the right to have their views made known at this juncture, it would be inappropriate to initiate action under Part II of the Companies Act, 1990. Amongst the duties of a liquidator is that of investigating the reasons for the liquidation and subsequently to apprise the court on the pertinent issues.
