Sunday 18 March 2018

Cattle export firm's creditors still in dark

Darragh McCullough

Darragh McCullough

CREDITORS from all over Ireland gathered last night to learn the extent of the fall-out after one of the country's biggest live cattle exporters went into receivership.

They ranged from marts who are owed over €250,000 to individual farmers that did business with TLT International.

TLT went into receivership last week, when its main banker, HSBC, pulled the plug on credit to the company.

Grant Thornton's Gearoid Costelloe has been appointed receiver to the business.

Sources close to the situation said that it was looking increasingly unlikely that much, if any, of the money would be recovered.

The directors and the receiver have remained tight-lipped about the full extent of TLT's debts, but it is known to be in the millions – before any bank debt is taken into consideration.

"It is a very frustrating situation for everybody to be kept in the dark like this but we've been assured by the receiver that we will have a true picture of the situation within 48 hours," said the Irish Co-Operative Society's mart chairman, Michael Spellman.

More than 50 creditors gathered for the meeting in Athlone's Sheraton Hotel.

Irish Independent

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