Vol. 566 No. 2
31 Ms Burton asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress in regard to the liquidation of IFI; if all obligations to the workforce have been satisfactorily discharged; and if she will make a statement on the matter. [12264/03]
The liquidation is progressing in an orderly and efficient manner though it is likely to take some time to complete the process. Efforts by the liquidator to sell all or part of the assets of the company as a going concern have been unsuccessful to date.
With the exception of a small number of claims received recently, my Department has processed all valid claims received from former IFI workers in respect of statutory redundancy, loss of wages and holiday pay entitlements. The Employment Appeals Tribunal has heard claims covering the majority of former employees under the Minimum Notice and Terms of Employment Acts 1973-2001. Decisions in these cases will issue to the parties within the next few weeks. There are a small number of former employees whose claims await hearing and these will be heard in due course.
All applications from employees to the ex gratia fund of €24.5 million, established by ICI and the State, have been processed. Payments were made in accordance with the basis for distribution determined by the trustee of the fund. They were endorsed by a ballot open to all employees.
The liquidator has also advised me that, based on legal advice received, he has admitted, as unsecured creditors in the liquidation, claims from the employees of the company to have entitlements to enhanced redundancy payments. It is estimated that these claims increase the total value of unsecured creditors compared with the statement of affairs produced by the board in November by more than €60 million. Any dividend payable to the workers concerned will be reduced by the amounts received from the ex gratia fund of €24.5 million provided by the shareholders. It is expected that these additional claims will reduce the prospective dividend to unsecured creditors generally. The amount to be paid in due course in respect of such claims is a matter solely for the liquidator and does not imply any commitment by the State to pay enhanced statutory payments.
