The Companies Acts provide a legislative framework within which parties can seek to resolve difficulties. Under Section 7 of the Companies Act, 1990 it is open to an interested party to apply to the Court to have the affairs of a company investigated.
Under the Redundancy Payments Scheme, the forty former employees of the company applied to my Department for payment of their statutory redundancy lump sum entitlements from the Social Insurance Fund, due to the Receiver's inability to pay by reason of the company's insolvency. Thirty nine of these were paid their entitlements on 19th October, 1993 (further information is necessary before the remaining application can be finalised).
Under the Insolvency Payments Scheme, the employer's representative, i.e. the Receiver, submitted an application to my Department for funds to pay former employees of the company their outstanding wages and holiday pay. Cheques in respect of these entitlements issued to the Receiver on 6th October and 11th October 1993, respectively, and I understand that he has paid the employees the relevant net amounts. Any application in respect of pension contributions admissible under the Scheme will be processed when received.
