Vol. 487 No. 3
81 Mr. R. Bruton asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has considered the case of a company (details supplied) as to whether the receiver has been appointed in respect of a charge which has already been defrayed; and her views on whether an inspector should be appointed under the Companies Act to establish clear ownership and breaches of the Act or other irregularities. [3829/98]
A receiver was appointed some weeks ago to Squash Ireland Limited, in receivership, on foot of a debenture held by Lower Mount Limited. The Registrar of Companies advises me that despite reports to the contrary, a portion of a charge due to the debenture holder remains unsatisfied. Subsequent to the receiver's appointment, a creditor presented a petition to the High Court for the winding-up of the company. The High Court has yet to make an order on that petition.
The Companies Acts provide particular duties to a liquidator. Among those is the duty to inquire into the reasons for a company's failure and to report the results to the High Court for such action as the court deems fit. Section 142 of the 1990 Act is relevant in this regard. In view of the fact that the matter is before the High Court and that the appointment of a liquidator would enable the matters in question to be fully investigated, I do not propose to exercise my powers of investigation under Part II of the Companies Act, 1990.
