Vol. 487 No. 4
37 Mr. Deasy asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will examine in depth the activities at a company (details supplied) and all its subsidiaries in view of the dissatisfaction being expressed by BES investors in this company. [22810/97]
I understand that a receiver was appointed to three companies in the Tipperary Crystal Group in October 1996 and that a liquidator was subsequently appointed to these three companies, as well as two other companies in the group. My sole function under the Designated Funds Act, 1985, is to ensure that all prospectuses and other promotional material for individual business expansion schemes comply with section 5 of the Act and thus ensure that the investor is fully informed of the risks of the BES investments. My Department has no involvement in business expansion schemes, once they are launched.
I am conscious that among the duties of a liquidator is that of inquiring into the reasons for a company's failure. Section 298 of the Companies Act, 1963, as amended provides a mechanism, whereby any liquidator, creditor or contributor can apply to the High Court to have the affairs of a company examined where there has been misfeasance or other breach of trust in relation to the company. In view of the option open to those affected by the failure of these companies, I do not currently propose to appoint an inspector or a section 19 authorised officer to this company under Part II of the Companies Act, 1990.
