While I understand that a claim on the liquidation has been made by the trustees of the pension scheme covering the former IFI employees in Belfast, I also understand that the liquidator, in consultation with his legal and actuarial advisers, is still considering whether, and to what extent, this claim is admissible. Until the status of this claim is established, it is not possible to assess its implications, if any, for other creditors of IFI, including the former employees in the Republic.
At this stage, considerable progress has been made on the liquidation and all secured and preferential creditors have been, or are in the process of being, paid. However, as my predecessor, the Tánaiste, has always made clear, the position of unsecured creditors cannot be determined until all the assets of the company, including the company's main production sites at Arklow and Marino Point in Cork, have been realised and all liabilities established. In this context, the price that is eventually achieved for the sale of the sites is clearly going to be a key determinant of the final position. I am also aware that significant additional claims from former employees have, on legal advice, been accepted by the liquidator. Clearly, the identification of significant additional liabilities such as these, which were not reflected in the statement of affairs prepared by the board of IFI at the time of the liquidation, can be expected to have an adverse impact on the prospects for other unsecured creditors.
