Sinn Féin TD for Louth Gerry Adams has called on the former Director of The Authentic Food Company (TAFC) to honour staff redundancy payments.
Teachta Adams was commenting on the liquidator’s High Court petition, which was heard on Monday 12th November.
Deputy Adams said;
My office made contact with the liquidators, Deloitte, who were formally appointed during the high court appearance on Monday.
The liquidators confirmed to me that the company is now deemed terminally insolvent and they do not hold any realistic hope of TAFC being bought as a going concern.
They also provided me with a copy of the report presented to the high court.
This report indicates the Dundalk company to have assets of €11.9 million and liabilities of €26.6 million, with €8.5 million of this owed to ‘group companies’.
In light of this I have again written to the former company director, Nik Basran, who I understand is also the director of the other Alternative Food Company groups, asking him to honour staff redundancy packages.
Many staff of TAFC were long term employees with years of redundancy entitlements built up.
They have been treated shamefully by an unscrupulous employer which cut them adrift in the run up to Christmas.