Vol. 557 No. 2
147 Mr. McGuinness asked the Tánaiste and Minister for Enterprise, Trade and Employment if suppliers to IFI are guaranteed full payment of moneys due to them; if the liquidation process will be conducted as speedily as possible; if she will, by public statement, request financial institutions to be patient with suppliers who owe money while IFI are concluding their affairs; and if she will make a statement on the matter. [21701/02]
The statement of affairs produced by the board of IFI at the creditors meeting on 8 November showed an overall deficiency of €44.8 million. When account is taken of the agreement, in principle, by the shareholders to subordinate loans of €34.5 million the actual deficiency for unsecured creditors, other than the shareholders, on the basis of this statement amounts to more than €10 million. This suggests that the creditors would receive a dividend of nearly 75% of what they are owed by the company.
The actual position can be determined with certainty only when the assets of the company are realised but there are indications that the values assumed for the assets by the directors may prove to be somewhat conservative. Earlier estimates of the value of the land owned by the company were considerably higher and would have been more than sufficient to cover the €10 million deficiency. Thus, the prospects for creditors to be paid in full will largely depend on which valuation is proven correct in due course. I expect the liquidator will proceed with the liquidation in an efficient and effective manner with a view to meeting the obligations to creditors to the maximum extent possible.
