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Dáil Éireann debate -
Tuesday, 28 Apr 1998

Vol. 490 No. 2

Written Answers - Companies in Liquidation.

Seán Haughey

Question:

87 Mr. Haughey asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has received further information in relation to a company (details supplied) which would suggest that she should appoint an official from her Department to examine its operation; and if she will make a statement on the matter. [10003/98]

On 23 December 1997 a receiver was appointed to Squash (Ireland), on foot of a debenture held by Lower Mount Limited, previously known as Lower Mount Nominees Ltd.

An application was subsequently made to the High Court on 26 January last, on foot of a petition of one of the company creditors, seeking the appointment of a liquidator. This petition was granted at a court hearing on 9 March last, with the appointment of Mr. Joseph Moreau as the official liquidator. The court in a ten point order directed inter alia that the company be wound up under the provisions of the Companies Acts 1963-1990. I understand the matter was considered again by the court on 20 April last, with a further hearing scheduled for 11 May next.

In the event that any party has information concerning fraudulent activities or information relating to sums owing by the company, these matters should be brought to the attention of the liquidator in order that it may be properly investigated.

Among his duties, will be the responsibility to inquire into the reasons for this company failure and to report to the court. Accordingly, in view of the fact that the High Court has appointed a liquidator to investigate the issues of the company, and as indicated in reply to previous questions, most recently on 17 February last, Vol 487 No. 3, I do not propose to exercise my powers of investigation under Part II of the Companies Act, 1990.
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