Vol. 487 No. 4
85 Mrs. B. Moynihan-Cronin asked the Tánaiste and Minister for Enterprise, Trade and Employment if she intends to order an investigation by her Department's inspectors into the recent collapse of a company (details supplied) in County Cork. [4094/98]
I am aware that a liquidator was appointed to Millfield Textiles Limited on 3 February last as the company had not been able to achieve the necessary visability to stay in business. 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 equivalent option open to those affected by the failure of this company, I do not propose to order an investigation into the company under Part II of the Companies Act, 1990.
