Written Answers. - State Properties.

Ciarán Cuffe

Question:

234 Mr. Cuffe asked the Minister for Finance if he will make a statement on the position regarding residues, including lands of companies that are in liquidation or struck off under company law. [2494/03]

The position regarding residues, either lands or other assets, belonging to companies which are struck off the register of companies under company law is that such residue becomes the property of the State under section 28(2)(a) of the State Property Act 1954. Upon a company being struck off the register of companies, there is no automatic mechanism in existence by which my Department is made aware that any such residues exist and which would therefore be vested in the State. My Department is examining the provision of such a mechanism.

At present, in the case of assets, including land, my Department may become aware on receipt of an application for a waiver of the State's interest. Such applications are dealt with by my Department on a case by case basis with the legal advice of the Chief State Solicitor's Office. With regards to liquidated companies, the disposal of residues is a matter for the appointed liquidator.