The receiver appointed to Asba Meats in Shannon, Co Clare in September has said in a filing to the Companies Registration Office (CRO) published on Wednesday 12 November, that it ceased to act as receiver of the company on Friday 7 November.

A separate document published by the receiver to the CRO shows that Asba Meats made a payment of €320,000 to the receiver towards settlement of the outstanding balance owed to Tuffy Financial Services, the lender which appointed Deloitte as receiver.

That document also shows that the receiver realised €100,071.27 during the receivership process, giving total proceeds for distribution of €420,071.27.

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The costs involved in the receivership included legal fees of €60,479.10, receiver fees and outlays of €51,498.77 and security fees of €134,546.60.

After bank charges and CRO filing fees were accounted for, the balance of €173,484.90 was paid to the lender. The receiver document called this payment an “interim payment to secured lender” suggesting this may not be the final settlement for the lender by Asba Meats.

In a third document, called a Section 430 statement, the receiver said the receivership had finished, adding that “based on my limited access to the books and records of the company, I am unable to form an opinion as to the solvency of the company”.

High court

The case brought by the receiver against Asba in the High Court is scheduled for mention again on 2 December, at which time, presuming all is in order, the case will be ended.

There is no indication that the secured lender has yet surrendered the security on the loan taken by Asba Meats in November 2024.

In a statement to the Irish Farmers Journal, Tareq Khan, director of Asba Meats said: "Asba Meats (Shannon) is pleased to confirm that a full settlement has been reached with the appointed receiver, who has now concluded their role with the company. This marks an important step forward for Asba as it focuses on rebuilding operations and continuing to serve its valued customers and farming partners."

See this week’s Irish Farmers Journal for more on Asba Meats