Recovery and priority of IDA grants
The Minister said grants are recoverable if a grant-assisted undertaking closes within ten years, but are generally unsecured and rank as ordinary non-preferential debts.
asked the Minister for Industry, Commerce and Energy if grants paid out by the IDA are recoverable in the event of a recipient company effecting a complete closure; and if such grants are a first charge on the assets of the closing company, or rank with the claims of other creditors as an ordinary debt.
Comment on this
I understand from the Industrial Development Authority that grants paid out are recoverable by them in the event of a recipient company effecting a complete closure of the grant-assisted under-taking within ten years of the date of the grant agreement.
IDA grants are not normally secured by a charge on the assets but rank with other non-preferential creditors as an ordinary debt.
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