Dáil Éireann Debate, Wednesday - 6 April 2016
826. Deputy Michael Healy-Rae asked the Minister for Transport, Tourism and Sport the liabilities to the State in the event that a company (details supplied) enters into bankruptcy; and if he will make a statement on the matter. [5961/16]
Amharc ar fhreagraCIÉ Tours International Incorporated is a wholly owned subsidiary company of CIÉ whose main business is to retail coach tour packages.
CIÉ Tours International Incorporated is a separate legal entity, and its results are included within CIÉ's publicly available Annual Report and Accounts. The company is actually incorporated and registered in the USA and governed by applicable company law in that jurisdiction.
Exposure of CIÉ to CIÉ Tours International would be governed by the relevant provisions of insolvency and company law in the US. However, it should be noted that CIÉ Tours International has a longstanding reputation in the coach tour business given its establishment in 1968 and is the largest tourism operator from the USA to Ireland. The most recent set of published accounts for CIÉ show the strong and positive contribution of its subsidiary with revenues of €77.8m and an operating surplus of €2.6m in 2014.
