Tuesday, 5 November 2019

Questions (188)

James Browne


188. Deputy James Browne asked the Minister for Public Expenditure and Reform if the case of a person (details supplied) with the Chief State Solicitor's Office regarding the transfer of funds from a liquidated company to the former shareholder will be examined; and if he will make a statement on the matter. [45400/19]

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Written answers (Question to Public)

Property (including funds in bank accounts) which remains in the ownership of a liquidated company when it is dissolved becomes State property by virtue of Section 28 of the State Property Act, 1954.

If Directors wish to regain property which has become State property in this manner, they are generally advised to restore the company.

The Minister may, in accordance with Section 31 of the Act, waive his entitlement to such property. However the Minister waives his ownership only in exceptional cases; he does not generally waive to former Directors; and he does not do so to rectify mistakes or matters overlooked by Directors, advisors or liquidators in the dissolution of a company.

There was correspondence with my Department in 2015 regarding an application for a waiver for the funds referred to by the Deputy. A Waiver Pack was issued by my Department. Such Waiver Packs are issued to establish if a Waiver is justified. Given the work involved in administering such requests, fees are charged where a Waiver is granted.

Neither my Department nor the CSSO appears to have received a completed Waiver Pack in this case.

Based on the details provided, it seems unlikely that a Waiver would be given in this case. However my Department will consider any additional details which the applicant may wish to provide.