Unfinished Housing Developments

Dáil Éireann Debate, Tuesday - 25 March 2014

Tuesday, 25 March 2014

Questions (244)

Catherine Murphy

Question:

244. Deputy Catherine Murphy asked the Minister for Finance if he will indicate, in relation to lands and property assets held by development companies for liquidation, and where developments are not completed to the planning permission, do the assets transfer to protected creditors, his Department, the State solicitor or another agency; if any proceeds are made available to complete public services in incomplete housing developments, debts to the Revenue service, lenders or other creditors in such cases; and if he will make a statement on the matter. [13605/14]

Written answers

Minister for Finance

The liquidation process for companies and the assignment of any proceeds under that process is governed by the Companies Acts which come under the aegis of my colleague, Mr Richard Bruton TD Minister for Enterprise, Jobs and Innovation. I understand that where the assets of development companies are liquidated they are transferred to various creditors in accordance with the normal hierarchy.