asked the Minister for Industry and Commerce if he will ensure through Fóir Teoranta that a firm in County Cavan (name supplied) is maintained as a viable industry.
Ceisteanna—Questions. Oral Answers. - County Cavan Firm.
3.
As the Deputy knows, the company in question is now in receivership.
Decisions regarding the future of the company are a matter in the first instance for the Receiver. I understand however, that it is the intention of the Receiver in the short-term to continue manufacturing and maintain employment; in the longer term to seek to dispose of the company as a going concern. I am certainly very anxious that employment in the company's factories should be maintained and put on a sound basis.
So far as Fóir Teoranta is concerned the provision of assistance in any particular case is a matter to be decided on by the board of Fóir in the light of the statutory criteria governing such applications. In this case, I have no doubt that Fóir will be prepared to consider sympathetically any worthwhile proposition for assistance aimed at enabling the operation of the company to continue on a permanent basis.
Is the Parliamentary Secretary aware that this firm has full order books at present? I am satisfied, from an examination of the criteria statutorily laid down for Fóir Teoranta, that this branch of the firm in Kings-court satisfied that criteria.
The firm is now in receivership and the application for that move came from another creditor, not Fóir. I understand that Fóir is in close contact with the firm and has made careful assessment of what is necessary. Of course, Fóir make their own decisions in the light of the statutory criteria.
Is the Parliamentary Secretary saying that when the firm is in receivership Fóir Teoranta is inhibited from making an offer which would prolong the life of the industry?
The management of the firm in that situation is the responsibility, in the first instance, of the Receiver. He is the person to decide whether he wishes to avail of a particular credit source. I can tell the Deputy that the Receiver in this instance has placed advertisements in a number of newspapers recently seeking people to take over this firm as a going concern.
I asked the Parliamentary Secretary if Fóir Teoranta is inhibited by the fact that the firm is in receivership—not at the request of Fóir Teoranta—does it stop Fóir Teoranta from offering at this stage?
I cannot say definitely that it would stop them or otherwise but the decision to apply for the loan from Fóir is the first prerequisite and that decision rests now with the Receiver.