Irish creditors demo
Irish creditors demo
CREDITORS of collapsed Irish slaughter group, Tralee Beef and Lamb, will stage a demonstration today (Fri, Oct 19) outside the Bank of Ireland in Tralee, Co Kerry, in protest at the banks role in the companys downfall.
"The demonstration is aimed to send a clear message to the management that they cannot expect to be totally insulated from the losses, while farmers face a Ir£2.24m (£1.78m) loss despite having retention of title," said Irish Creamery Milk Suppliers Association president, Pat ORourke.
The ICMSA has complained that the Bank of Ireland, which handled Tralee Beef and Lambs account, had provided working finance secured on the companys debtors.
Receiver Grant Thornton was called in last week by a secured creditor, the Anglo Irish Bank, when it became clear the company was insolvent.
It is estimated that there are over 300 farmer creditors, mostly from Kerry, West Limerick and Cork. The Irish Farmers Association is demanding full payment to all.
But, with company assets rumoured to be worth about Ir£1.5m, and with over Ir£1m in secured and preferential loans outstanding, the chances look slim. *