Marts and HSBC Bank each owed €3m following closure of TLT International

Cattle marts and HSBC Bank are each owed €3m following the closure of animal exporter TLT International, according to an update issued by the receiver yesterday.

Total estimated liabilities are around €9m, said Gearoid Costelloe, head of Grant Thornton in Cork and the receiver appointed a fortnight ago by Britain-based bank HSBC.

The receiver listed the marts at around €3m, HSBC at around €3m, general creditors around €1.2m, farmers at around €900,000, and AIB around €800,000, as the largest groupings owed monies by TLT.

“These claims are not definitive and final, and will still have to be validated,” said Mr Costelloe. “This will take some time to complete as information continues to be gathered from the directors, and some affected marts and farmers.”

These numbers also exclude leasing liabilities in respect of trucks, trailers, and equipment, where these items have been repossessed by the lessor.

Requests have been made of all the farmers and marts who are potential creditors.

The receiver said he needs access to all the necessary information for proper reconciliation of the stock levels. He has requested assistance from both TLT’s directors and the Department of Agriculture in this regard.

The receiver said he has maintained dialogue with farming organisations, and remains committed to keeping all stakeholders informed as this complex process is completed.

The receiver said he has also responded to a request for information from the joint oireachtas committee on agriculture, food and the marine, and sent a letter to committee chair Andrew Doyle on Nov 26.