*FILE PIC
DIRECTORS of Shannon based Halal meat operator, Asba Meats are taking the necessary steps to place the company in a position to address all outstanding liabilities.
That is according to solicitor for Asba Meats, Colum Doherty who was commenting after documents lodged with the Companies Office show that Deloitte’s John Quinlan and James Anderson have ceased to act as receivers to the company.
Mr Doherty said that owner of Asba Meats, Tarequr Rahman Khan has stated that there are “no fears of job losses at the moment” at Asba Meats.
Mr Doherty previously confirmed during a court hearing in Ennis that Tuffy Financial Services Ltd had appointed a receiver to Asba Meats in September concerning a debt of around €330,000.
A receivers extract lodged with the Companies Office on November 12th shows that the receivers received a ‘settlement payment’ of €320,000 along with receivership realisations of €100,071.
The receivers’ extract also shows that under the heading of payments out, there was an interim distribution of €173,484 to a secured lender during the receivership.
The receivers’ extract also reveals that receivers’ fees and outlay totalled €54,498 while legal and counsel fees amounted to €60,479. Security fees and outlay totalled €134,546.
The receivership was short-lived as Mr Quinlan and Mr Anderson were only appointed on September 15th based on a debenture entered between Asba Meats and Tuffy Financial Services Ltd from last December.
Solicitor, Colum Doherty had previously told Judge Alec Gabbett at Ennis District Court that he was confident that issues relating to the receivership would be resolved.
Now, speaking on behalf of Asba Meats, Mr Doherty said, “We wish to confirm that, in light of recent progress regarding the position of the receiver, the directors are taking the necessary steps to place the company in a position to address all outstanding liabilities”.
He said, “Asba Meats Limited is actively working towards the full resolution of these matters with the intention of returning to normal trading and production operations as soon as possible”.
He said, “The directors remain committed to ensuring that all obligations are met and that the business is placed on a stable footing going forward”.
Separately, Asba Meats and Mr Khan are facing court action from Agri-Food Regulator under unfair trading practices (UTP) regulations with 24 summons showing that they owed €576,386 to farmers at the time of the issuing of the summons.
At a hearing of Ennis District Court last month, solicitor for the regulator, Jonathan Moore said that some monies have been paid over “and the total amount outstanding is currently €304,980 according to our records”.
Judge Gabbett has adjourned the cases to February to allow Asba Meats and Mr Khan pay further down the cumulative debt and to indicate their attitude to the summons.
