Committee Reports > List of Committees > Dáil > 1975 > Committee of Public Accounts > Interim and Final Report - Appropriation Accounts 1971 - 1972

APPENDIX 13.

SPECIAL REGIONAL DEVELOPMENT FUND—RECOUPMENT OF REPAYABLE ADVANCES

An Cléireach,

An coiste um Chuntais Phoiblí

At the proceedings of the Committee on 30th May, 1974, I undertook to supply information regarding repayable advances from the Special Regional Development Fund outstanding at 31st March, 1972. The information is as follows:—

Brief details of advances (a) converted into grants and (b) those which are not expected to be recovered are as follows:—

(a) Gael Linn Teoranta.

The advances totalling £87,500 were converted into a grant in March, 1973.

Leathercrafts, Kilrush, Co. Clare.

The promoter’s business did not progress as well as envisaged and the advance of £800 was converted into a grant in September, 1973.

(b) Domesticity Manufacturing Co. (Ireland) Ltd., Ballinagh, Co. Cavan.

This firm is in the hands of a Receiver. There have been discussions with the Receiver. It appears unlikely that any significant part of the advance of £23,180 will be recovered.

Filigrana Embroidery Factory of Ireland Ltd., Ennistymon, Co. Clare.

This Company was liquidated in October, 1972 and £11,100 of the advance of £24,100 was recovered (and is included in the figure of £33,757 mentioned above). The balance of £13,000 is not recoverable.

Irish Marble Ltd., Merlin Park, Galway.

This firm is in the hands of a Receiver. On the basis of interim returns from the Receiver it appears that the advance of £10,000 will not be recovered.

Westsea Ltd., Rossaveal, Co. Galway.

It is unlikely that any significant portion of the advance of £45,000 will be recovered.

Beara Peninsula Onion Growers Society, Co. Cork.

As some of the Society’s assets have been destroyed by storm, the question of converting the loan of £600 into a grant is under consideration.

Of the outstanding balance, £234,453 (72%) is expected to be recovered. A certain degree of doubt exists, however, in relation to some of the advances which are expected to be recovered. For instance, some of the companies are in receivership or liquidation and the amounts which will eventually be recovered will depend on the assets of the companies, claims by preferential creditors and the extent to which the debts due to the Fund are regarded as admissable for preferential treatment under company law.

Accounting Officer,

Department of Finance,

26 Meitheamh, 1974.