I propose to take Questions Nos. 92 and 108 together.
I understand that the liquidation is progressing in an orderly and efficient manner, though it is likely to take some time to complete the process. Unfortunately, efforts by the liquidator to sell all or part of the assets of the company on a going concern basis were unsuccessful and the liquidator is now proceeding with the realisation of the assets in a manner which seeks to maximise the cash available for creditors.
At this stage, I understand that partial payments have been made to the secured creditors. In addition, some preferential claims relating to holiday pay entitlements were paid recently while it is expected that some further payments in respect of preferential creditors, including minimum notice claims and unpaid pensions contributions, will be made in the near future. The liquidator hopes to be able to make an interim payment to the unsecured creditors within about 12 months. I do not expect that the State will receive any payment in respect of its shareholding in the company.
All applications received from employees for payments from the ex-gratia fund of €24.5 million, established by ICI and the State, have been processed. Payments from the fund were made by the trustee of the fund in accordance with the basis for distribution determined by him following consultations with employee representatives. This basis for distribution was endorsed by a ballot open to all employees.