Vol. 572 No. 4
131 Mr. Timmins asked the Tánaiste and Minister for Enterprise, Trade and Employment the situation with respect to the liquidation of IFI, Arklow, County Wicklow; if the creditors have been paid to date; if property has been sold; and if she will make a statement on the matter. [23608/03]
Mr. Ray Jackson was appointed liquidator of IFI on 8 November last and I understand that he is actively proceeding with the liquidation process. At this stage, considerable progress has been made in relation to the realisation of the company's assets. However, while the company's principle properties at Arklow and Marino Point have been placed on the market, I am advised that it may take some time to sell them.
I also understand that most of the company's obligations to secured creditors have now been settled while payments to preferred creditors are in the course of being made. Unfortunately, it is likely to be some time before any payments to unsecured creditors can be made. The liquidator has informed my Department that he intends calling a meeting of creditors before the end of the year where a progress report on the liquidation will be presented.
