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Significant redundancy for Clerys
07 Jul 2015 18:06
The State may end up as the biggest loser in the Clerys liquidation, as it will have to pay out significant sums for redundancy payments over the coming weeks, according to a report presented to cabinet.
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The report prepared by Minister of State for Business and Employment Ged Nash also found that it may be possible for the liquidators of Clerys to recover money from companies related to the subsidiary, which was put into liquidation three weeks ago in order to offset its debts.
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The preliminary report outlines the chain of events leading to and following the sudden closure, and how various legislative provisions regarding company law and employment law apply to the Clerys situation.
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It also outlines the concerns about the fact that the valuable Clerys building was held in one subsidiary while liabilities, including the staff, were held in a separate subsidiary that was placed in liquidation.
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The report states that under Section 599 of the Companies Act 2014, in certain circumstances liquidators and creditors can have recourse to provisions that allow assets transferred from a company to be recovered and creditors’ interests protected.
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It says the law does make remedies potentially available where the use of a corporate group structure results in profits are kept in one company, while losses accumulate in another, and the insolvent loss-making entity is then liquidated.
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