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Farmers owed money by Castleyblayney Mart are unlikely to have their debts settled after a liquidation report showed the company has just €19,829.12 left in its account.
Edward Paul Nugent Ltd, the company that operated the mart, went into liquidation in April last year. At the time it was estimated up to 80 farmers were owed €160,000 by the mart. The liquidation report recently filed on behalf of the company showed a number of payments were made, including an €18,016.92 payment for employee entitlements and €31,275.46 in liquidator’s fees and costs. However, no payment was distributed to farmers. The liquidator, Cormac Mahon, said: “There are still costs and debt collectors to be paid. There was never going to be a dividend.”
Monaghan IFA chair Frank Brady said he understood the Property Services Regulatory Authority, which issued the mart licence, had settled some farmer debts separately to the company.
“It seems hopeful that there might be a little bit of light at the end of the tunnel,” Brady said, adding that they hoped to have a farmer meeting on the issue in the coming months.
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